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 In response to reports that Venezuela’s state-run oil company, PDVSA, has adopted cryptocurrencies like USDT to manage oil and fuel exports, Tether has announced stringent measures. The company, which issues the stablecoin USDT, declared its intention to freeze transactions connected to entities sanctioned by the Office of Foreign Assets Control (OFAC). This decision underscores Tether’s commitment to adhere to regulatory standards and enforce sanctions compliance.
 <h2 class="p1" id="managing-compliance-tether-s-response-to-venezuela-s-cryptocurrency-use-in-oil-trading">Managing Compliance: Tether’s Response to Venezuela’s Cryptocurrency Use in Oil Trading</h2>
 A Tether spokesperson emphasized their dedication to the OFAC SDN list, stating, “Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen promptly.” This announcement aligns with Tether’s policy to block payments to OFAC-sanctioned entities, reinforcing their proactive stance in regulatory compliance.
 The backdrop to Tether’s decision involves a detailed report by Reuters, revealing that PDVSA has been leveraging cryptocurrencies to circumvent new U.S. sanctions. These sanctions, reimposed as Venezuela allegedly failed to carry out necessary electoral reforms, aim to limit the country’s oil trade unless specific U.S. authorizations are obtained. The sanctions impact is profound, complicating Venezuela’s ability to boost oil exports, as companies now require explicit U.S. permissions to engage with the South American country.
 Further reports in 2023 tied cryptocurrency transactions to a significant corruption scandal within PDVSA, involving around $21 billion in unaccounted receivables from oil exports. Amid these challenges, sources indicated that PDVSA had shifted its oil sales strategy to using USDT, a move aimed at mitigating the risks of funds being frozen in foreign accounts as new sanctions took effect.
 Moreover, in a strategic pivot in 2024, PDVSA reportedly altered its transaction models for spot oil deals, opting for contracts that demand prepayment in USDT. This adjustment also mandates that new clients intending to purchase oil must maintain cryptocurrencies in digital wallets, adapting to the evolving financial landscape and sanctions environment.
 The scenario further evolved as companies seeking to resume operations with PDVSA after obtaining a six-month licensing approval from the U.S. in October 2023 found themselves navigating through intermediaries to fulfill these cryptocurrency payment prerequisites.
 <h2 class="p1" id="tether-s-proactive-measures-against-sanctioned-transactions">Tether’s Proactive Measures Against Sanctioned Transactions</h2>
 As Tether steps up its enforcement measures in response to Venezuela’s innovative use of cryptocurrencies to sustain its oil exports, the implications for both the crypto and global finance sectors are significant. This proactive stance by Tether not only enhances the transparency and integrity of digital transactions but also sets a precedent for how companies can navigate the complex web of international regulations. By freezing transactions linked to sanctioned entities, Tether is reinforcing the role of cryptocurrencies in upholding economic sanctions, thus contributing to global efforts to maintain economic stability and compliance. As the landscape of digital currencies continues to evolve, Tether’s actions serve as a reminder of the critical balance between innovation and regulation. This ongoing situation will undoubtedly continue to influence the dynamics of international trade and digital finance, shaping the future of cryptocurrency utilization in global markets.
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Cosmic Force feed: Tether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctions https://t.co/ixp2yS1hYz https://t.co/QDsS9aHx9D pic.twitter.com/raAAieJXqA
 — Cosmic Force 🎮 Crypto Gold Rush ⛏ (@WavemStudios) April 23, 2024
 </blockquote>
 
 <h2 class="p1" id="dogeverse-a-chain-hopping-meme-coin-revolutionizing-the-crypto-presale-scene">Dogeverse: A Chain-Hopping Meme Coin Revolutionizing the Crypto Presale Scene</h2>
 Dogeverse stands out in the cryptocurrency landscape as a meme coin that not only captivates with its charming Shiba Inu mascot, Cosmo, but also showcases its prowess in interoperability across multiple blockchain platforms. With its presence on Ethereum, BNB Chain, Polygon, Base, Solana, and Avalanche, Dogeverse offers a unique experience that caters to a diverse range of crypto enthusiasts. This multi-chain functionality not only broadens its accessibility but also adds a layer of appeal that could potentially transform its position in the market from a simple meme coin to a substantial influencer in the crypto space.
 <img decoding="async" class="wp-image-504034 size-large aligncenter" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20640%20384'%3E%3C/svg%3E" alt="" width="640" height="384" data-lazy-srcset="https://cdn.thebittimes.com/images/2024/04/23/07dd0e4383e7fc475991f8822f9339c3.webp 1024w, https://cdn.thebittimes.com/images/2024/04/23/07dd0e4383e7fc475991f8822f9339c3.webp 300w, https://cdn.thebittimes.com/images/2024/04/23/07dd0e4383e7fc475991f8822f9339c3.webp 768w, https://cdn.thebittimes.com/images/2024/04/23/07dd0e4383e7fc475991f8822f9339c3.webp 1201w" data-lazy-sizes="(max-width: 640px) 100vw, 640px" data-lazy-src="https://cdn.thebittimes.com/images/2024/04/23/07dd0e4383e7fc475991f8822f9339c3.webp">
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 The advantages of Dogeverse are numerous, thanks to its ability to operate across various chains. This accessibility means that users from different blockchain preferences can enjoy the benefits of Dogeverse. Whether it’s the cost-effectiveness of Solana or the cutting-edge technology of Ethereum, or even the possibilities offered by the newer Base chain, Dogeverse ensures that it meets the needs of a wide audience. Moreover, by bridging the gaps between these diverse chains through tools like Wormhole and PortalBridge, Dogeverse not only enhances user experience but also fosters unity within the often fragmented blockchain community.
 Beyond its technical capabilities, Dogeverse is rich in narrative potential. The mythical figure of Cosmo could give rise to various legendary tales across the chains, potentially elevating Cosmo to a mythical status that could rival established icons like Dogecoin. This element of lore adds an engaging layer to the token, enhancing its appeal.
 The financial structure of Dogeverse is designed to attract serious investors with a total supply of 200 billion tokens, 30 billion of which are allocated for a strategically structured presale. This presale is spread across ten stages, with the price of tokens starting at $0.0000290 and escalating to $0.000299 by the final stage. The funding goals are ambitious yet achievable, with a soft cap of $8.83 million and a hard cap at $17.002 million.
 Within just a day of its launch, Dogeverse managed to raise over $300,000, indicating a strong market interest. This buzz is a testament to its potential and the community’s enthusiasm for a fresh and innovative crypto offering. For those looking to get involved, details and participation options are available at thedogeverse.com, where the future of this exciting meme coin is being shaped.
 Dogeverse’s journey through the crypto universe is marked by its innovative approach to chain-hopping and a captivating narrative, setting a new standard for what a meme coin can achieve.
 <span style="color:#000000;padding:0px 24px;font-size:18px;line-height:36px;border-color:#fbc14e;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none"> Visit Dogeverse
 Related News
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 <li class="li6">Venezuelan President Nicolas Maduro Sings Praises Of State-Owned Crypto, Petro</li>
 <li class="li6">Tether Innovates with Launch of Four New Business Divisions</li>
 <li class="li6">Tether Integrates USDT Stablecoin with TON Blockchain, Expanding Its Web3 Presence</li>
 </ul>
 
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-takes-action-freezing-assets-amid-venezuela-s-crypto-strategy-for-oil-exports-tbt86290.html">https://thebittimes.com/tether-takes-action-freezing-assets-amid-venezuela-s-crypto-strategy-for-oil-exports-tbt86290.html</a>
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Tether Takes Action: Freezing Assets Amid Venezuela’s Crypto Strategy for Oil Exports

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