Venezuela Turns to Crypto Transactions to Avoid US’ Oil Sanctions | Firstpost America

By Corruption Buzz On Apr 29, 2024

Venezuela’s state-run oil company is reportedly planning to increase the use of digital currency in its crude and fuel exports. This comes after the US reimposed oil sanctions and asked the oil company to wind up its operations by May 31. Reports say Caracas had been slowly moving oil sales to USDT or Tether, which is a digital currency whose value is pegged to the US dollar. This is because the global oil market predominantly transacts in US dollars. In January, Washington had threatened Caracas of reimposing oil sanctions if it continues to ban opposition leaders from running against President Nicolas Maduro later this year.

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