2024

Biden

Bitcoin

April

<div class="finbold">
 <p class="paragraph">In a strategic pivot amid tightening U.S. sanctions, Venezuela’s state-run oil company, Petróleos de Venezuela S.A. (PDVSA), plans to increase cryptocurrency usage in its crude and fuel exports.</p>
 <p class="paragraph">As the U.S. Treasury Department declines to renew critical licenses that facilitated oil trades, PDVSA is accelerating its shift towards digital <a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> to preserve trade continuity and financial stability, as reported by <em>Reuters</em></p>
 <h2 class="wp-block-heading" id="h-context-and-sanctions-overview">Context and sanctions overview</h2>
 <p class="paragraph">The Biden administration has taken a firm stance on Venezuelan oil <a rel="noopener noreferrer nofollow" title="sanctions" href="https://thebittimes.com/tag/sanctions.html">sanctions</a> in light of the government’s failure to comply with agreements designed to ensure fair presidential elections in 2024. Specifically, the expiration of General License 44, which allowed transactions related to Venezuela’s oil and gas sector, marks a significant tightening of <a rel="noopener noreferrer nofollow" title="sanctions" href="https://thebittimes.com/tag/sanctions.html">sanctions</a>.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Nicolas Maduro and his representatives have not fully met the commitments made under the electoral roadmap agreement. Therefore, General License 44—which authorized transactions related to the oil and gas sector with Venezuela—will expire after midnight and not be renewed.</p>— Matthew Miller (@StateDeptSpox) April 17, 2024
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 <p class="paragraph">A new temporary license has been issued, providing a 45-day wind-down period for businesses to adjust to the new regulations.</p>
 <p class="paragraph">Despite the U.S. dollar being the preferred currency for global oil market transactions, PDVSA has progressively transitioned its oil sales to USDT since the last quarter of 2023.&nbsp;</p>
 <p class="paragraph">This digital <a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a>, whose value is pegged to the U.S. dollar, is now required to prepay half of each oil cargo’s value. The company is also requiring all new customers to manage transactions through a digital wallet, a mandate that extends to certain existing contracts as well.</p>
 <p class="paragraph">In a recent statement to <em>Reuters,</em> Venezuelan oil minister Pedro Tellechea added that, in some contracts, digital currencies might be the preferred payment method:</p>
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  <p class="paragraph">We have different currencies, according to what is stated in contracts.&nbsp;</p> <cite>Pedro Tellechea</cite>
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 <h2 class="wp-block-heading" id="operational-challenges-and-compliance">Operational challenges and compliance</h2>
 <p class="paragraph">The unusual nature of these transactions often fails to meet the compliance requirements of traditional traders, necessitating the use of intermediaries. This reliance on middlemen, while facilitating the continuation of oil exports, could potentially reduce the portion of proceeds that PDVSA ultimately receives.</p>
 <p class="paragraph">The recent U.S. license allowed trading houses and former PDVSA customers to resume business with Venezuela, but most of them have resorted to intermediaries to meet the digital transaction requirements.</p>
 <p class="paragraph">Industry analysts remain skeptical, cautioning that even with approvals from Washington, the overall capacity for Venezuela’s oil output and revenue generation may soon reach its limits</p>
 <p class="paragraph">As PDVSA adapts to an increasingly hostile regulatory environment, its move to cryptocurrencies represents a critical effort to maintain operational viability and secure revenue streams.&nbsp;</p>
 <p class="paragraph">The effectiveness of this strategy, however, will depend heavily on the evolving landscape of international <a rel="noopener noreferrer nofollow" title="sanctions" href="https://thebittimes.com/tag/sanctions.html">sanctions</a> and the company’s ability to manage the complex dynamics of digital <a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> transactions in the global oil market.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/venezuela-to-boost-cryptocurrency-use-amid-u-s-sanctions-tbt86236.html">https://thebittimes.com/venezuela-to-boost-cryptocurrency-use-amid-u-s-sanctions-tbt86236.html</a></p>

Venezuela to boost cryptocurrency use amid U.S. sanctions

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TheBitTimes

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