Venezuela's PDVSA Leverages Tether Amid US Sanctions
PDVSA is adopting Tether (USDT) to avoid the impact of US sanctions, marking a significant move in the use of cryptocurrencies by state entities.
April 23, 2024
Introduction
Venezuela's national oil corporation, PDVSA, is turning to the stablecoin Tether (USDT) to circumvent newly enforced US sanctions.
Crypto as a Sanction Workaround
Seeking refuge from the risk of having foreign bank accounts frozen, PDVSA is reportedly increasing its reliance on USDT, a prominent dollar-pegged cryptocurrency, as a financial safeguard.
Previous Crypto Endeavors
In 2018, Venezuela initiated a cryptocurrency strategy to skirt the dollar's dominance. However, the attempt saw limited success, leading to an eventual discontinuation of the program in early 2024.
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