Coinspeaker
Venezuela’s Oil Giant PDVSA Turns to Crypto amidst Heightened Sanctions

Amid renewed sanctions from the United States government due to President Nicolás Maduro’s failure to fulfill electoral agreements signed in 2023, Venezuela is embracing crypto to navigate the economic challenges. Reuters reported on April 22, citing three people familiar with the matter, that PDVSA, the state-owned oil company, has shifted its focus towards utilizing crypto for oil and crude exports to manage the situation.

PDVSA to Use USDT for Oil and Crude Exports

The Venezuelan oil giant has turned to Tether’s stablecoin USDT to conduct its business offerings and potentially minimize the risk of having its oil sales revenues frozen in overseas bank accounts due to the reissued US government sanctions.

The US Treasury Department instructed PDVSA’s customers, including buyers and sellers, to complete transactions under a general license, which the department did not renew due to the lack of electoral reforms before the end of May.

The move impedes Venezuela’s efforts to boost oil production and exports, as companies now req...