Cryptocurrency

Cryptocurrency

Venezuela Embraces Cryptocurrency for Oil Exports to Circumvent US Sanctions

Venezuela's state oil company, PDVSA, is facing renewed US sanctions. To secure its oil trade revenues, it is increasingly turning to cryptocurrency, specifically USDT. This shift is aimed at sidestepping restrictions that threaten to freeze its financial assets abroad. Venezuela Accelerates Shift to Cryptocurrency in Oil Sales Amid Tightening US SanctionsFollowing the non-renewal of a general license, more trade with Venezuela and the United States was allowed. The Treasury has given businesses until May 31 to realign their transactions with PDVSA. According to CoinGape, these changes came when the...
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