Venezuela pivots from USD to Bitcoin and Tether for oil sales to circumvent US sanctions.
PDVSA mandates digital wallets for all clients, signaling a significant move towards digital currencies.
In a significant overhaul of its financial strategies, Venezuela is transitioning from the US dollar to cryptocurrencies for oil transactions, aiming to navigate around U.S. sanctions effectively. According to a Reuters report dated April 22, 2024, the state-run oil company, PDVSA, is embracing the use of the digital currency Tether (USDT)—a stablecoin pegged to the US dollar—to prepay half the value of each oil shipment. This change reflects a proactive measure against the risk of asset freezes and trade restrictions tightened by the U.S. government.
The Shift to Digital Currency Amid Sanctions
As detailed in a recent CNF YouTube video, this pivot commenced in 2023 as a direct response to the ongoing financial obstacles imposed by foreign banks and the U.S. The introduction of mandatory di
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