Published 11 days ago

Venezuela accelerates shift to cryptocurrency amid return of oil sanctions

Summary by WION

Venezuela's state-owned oil company, PDVSA, is set to increase the use of digital currencies in its crude and fuel exports as the United States reinstates oil sanctions on the country, Reuters reported citing sources familiar with the matter.

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WION

Venezuela accelerates shift to cryptocurrency amid return of oil sanctions

11 days ago·Noida, India

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WTVB

Exclusive-Venezuela to accelerate cryptocurrency shift as oil sanctions return

By Marianna Parraga and Deisy Buitrago HOUSTON/CARACAS (Reuters) – Venezuela’s state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country, three people familiar with the plan said. The U.S. Treasury Department last week gave PDVSA’s customers and providers until May 31 to wind down transactions under a general license it did not renew due to a lack of …

11 days ago

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La Tercera

Venezuela accelerates currency exchange as oil sanctions return

Venezuela's state oil company, PDVSA, is preparing to increase digital currency transactions to charge its oil and fuel exports, as the United States imposes new sanctions on the country, said three sources with knowledge of the matter.The US Treasury Department gave PDVSA's customers and suppliers until May 31 last week to close transactions under a general license that has not been renewed.Don't lose it on PulsoThe measure will make it harder …

11 days ago·Chile

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Oil Price

Venezuela Looks to Crypto for Oil Sales As Sanctions Return

With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency. Using Tether, pegged to the U.S. dollar, PDVSA is seeking to hasten the use of digital currency for oil export transactions to avoid having revenues from oil sales frozen in foreign bank accoun…

11 days ago·London, United Kingdom

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Coingape

Venezuela Moves Oil Sales to Tether (USDT) Amid US Sanctions

As per the latest report, Venezuela’s state-run oil company PDVSA has stepped up measures to increase the use of digital currencies and stablecoins like Tether (USDT) for its crude and fuel exports amid the tightening U.S. sanctions on the country. PDVSA Mulls Use of Tether USDT Last week, the U.S. Treasury Department asked the customers and providers of PDVSA to wind down transactions until May 31. This move shall make it more difficult for Ven…

11 days ago

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