The U.S. is set to reimpose sanctions on Venezuela's oil industry, prompting the country to accelerate its adoption of cryptocurrency in oil trading. Venezuela's state-run oil company, PDVSA, plans to increase the use of digital currencies to reduce the risk of frozen sale proceeds in foreign bank accounts. PDVSA is also requiring new customers to hold cryptocurrency in a digital wallet for oil transactions.
Venezuela Is Enlisting USDT to Address U.S. Sanctions, But Tether Vows to Enforce the Law
Apr 24, 2024