MARA - Venezuela to Ramp Up Use of Crypto to Counter Oil Sanctions
Venezuela’s state-owned oil company, PDVSA, is gearing up to ramp up digital currency use in its exports of fuel and crude oil amid renewed oil sanctions imposed by the United States, according to three individuals aware of the strategy. Recently, the U.S. Department of Treasury set a deadline of May 31, 2024, for PDVSA suppliers and clients to conclude transactions under the nonrenewed general license, citing the absence of electoral reforms. This action makes it more difficult for Venezuela to increase oil production and exports since it now requires specific U.S. licenses for companies to do business with the nation.
PDVSA had already been gradually transitioning its oil transactions to USDT, whose worth is tethered to the U.S. dollar (USD), thus maintaining stability. This shift has been expedited by the...
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