Venezuelan State Oil Company Uses USDT
April 23, 2024
The Venezuelan state oil company, PDVSA, is increasingly planning to use the Tether stablecoin, USDT, in its oil transactions as the United States recently decided to impose new sanctions against the country. The corporate decision aims to minimize risks so that profits from oil sales cannot be frozen in offshore bank accounts due to US sanctions. The company has been advising its new clients for some time to hold cryptocurrencies in a digital wallet for oil transactions.
