Reuters: With the return of oil sanctions, Venezuela will accelerate its transition to cryptocurrency
According to Reuters, three informed sources revealed that with the United States re-imposing oil sanctions on Venezuela, PDVSA, the Venezuelan state-owned oil company, plans to increase the use of digital currency in crude oil and fuel exports.
Last week, the U.S. Treasury Department asked PDVSA's customers and suppliers to end transactions by May 31. This move will make it more difficult for Venezuela to increase its oil production and exports because companies will have to wait for individual authorization from the United States before they can do business with Venezuela.
Since last year, PDVSA has been slowly shifting towards USDT in its oil sales, which is pegged to the value of the dollar. The insiders said that the reinstatement of oil sanctions is accelerating this shift as a measure aimed at reducing risks associated with sales revenue being frozen in foreign bank accounts due to sanction measures.
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