Venezuela to Accelerate Cryptocurrency Shift as Oil Sanctions Return

Venezuela's state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country. Reuters exclusively reported that Venezuela’s state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions.

As Venezuelan oil sanctions are set to be reimposed, state-run PDVSA oil company buyers and suppliers are under orders to close out transactions in line with sanctions by SEATTLE (Oil Monster). Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on Venezuela’s state-owned oil and gas company PDVSA.

PDVSA is reportedly planning to speed up its use of crypto, particularly USDT, the largest stablecoin by market capitalization. By transitioning to USDT, a dollar-pegged cryptocurrency, PDVSA hopes to mitigate the risk of having its export revenue frozen in foreign bank accounts due to sanctions. This move aims to circumvent the economic pressure exerted by the United States.

Venezuela's state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the US reimposes oil sanctions, three sources confirmed.

As Venezuela pivots to cryptocurrency for oil transactions following renewed U.S. sanctions, experts call for increased international regulatory scrutiny to prevent potential misuse and ensure compliance. The increasing reliance on digital currencies raises questions about transparency and accountability in the international oil trade.