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Published 10 days ago

EXCLUSIVE-Venezuela to accelerate cryptocurrency shift as oil sanctions return

Summary by Devdiscourse
EXCLUSIVE-Venezuela to accelerate cryptocurrency shift as oil sanctions return 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…

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DevdiscourseDevdiscourse

EXCLUSIVE-Venezuela to accelerate cryptocurrency shift as oil sanctions return

EXCLUSIVE-Venezuela to accelerate cryptocurrency shift as oil sanctions return 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…

10 days ago
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in.grin.gr

Venezuela: State-owned oil company moves to de-dollarize transactions

Petróleos de Venezuela, S.A. after being sanctioned by the US Treasury Department, has decided to accelerate the transition to digital currency for its transactions.

11 days ago·Greece
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decrypt.codecrypt.co

Venezuela Turns to Tether to Skirt US Oil Sanctions: Report

Amid election turmoil, state-run oil firm PDVSA is using USDT. But Tether vows to follow the law and block transactions.

10 days ago
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Crypto BriefingCrypto Briefing

Venezuela turns to crypto for oil trades under renewed US sanctions: Reuters

Venezuela's PDVSA shifts to crypto, using USDT for oil trades as a sanction evasion strategy, according to a new report. The post Venezuela turns to crypto for oil trades under renewed US sanctions: Reuters appeared first on Crypto Briefing.

10 days ago
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FinboldFinbold

Venezuela to boost cryptocurrency use amid U.S. sanctions

In a strategic pivot amid tightening U.S. sanctions, Venezuela’s state-run oil company, Petróleos de Venezuela S.A. (PDVSA), plans to increase cryptocurrency usage in its crude and fuel exports. As the U.S. Treasury Department declines to renew critical licenses that facilitated oil trades, PDVSA is accelerating its shift towards digital currency to preserve trade continuity and financial stability, as reported by Reuters Context and sanctions o…

10 days ago
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CoingapeCoingape

Venezuela's Oil Exports Turn to Cryptocurrency to Dodge Sanctions

As a response to the renewed U.S. sanctions, Venezuela has intensified the use of digital currencies in oil transactions. PDVSA, the state oil company of the country, has been integrating cryptocurrency into its payment options for crude oil and fuel exports more and more in recent years with the goal of avoiding the freezing of export proceeds due to trade sanctions. Venezuela’s Shift to Digital Currency Subsequent to the non-renewal of a gener…

11 days ago
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