According to Reuters, Venezuela’s government-owned oil company PDVSA is moving faster to sell its crude oil using Tether in order to prevent the possibility of having their earnings held in foreign banks due to renewed US oil sanctions.
Venezuela’s oil trade is currently being impeded by the U.S. Treasury’s latest action, which necessitates obtaining individual approvals for transactions before May 31st. Since last year, PDVSA has been transitioning to using US Dollars for stabilized payments through USDT.
Pedro Tellechea, the oil minister, has suggested exploring the use of digital currencies for oil contract negotiations. Currently, PDVSA insists on receiving 50% payment in USDT for immediate oil sales. This change comes after a significant corruption scandal involving crypto deals worth $21 billion.
With Tellechea at the helm, daily oil exports reached an impressive 900,000 barrels in March – a figure unseen since 2018. It’s important to note that new business deals now require clients to possess cryptocurrency, regardless of any USDT mention in the contract.
Traders encounter difficulties with PDVSA’s demand for USDT in transactions without intermediaries, primarily due to compliance challenges. Although USDT is stable, the majority of international oil deals transpire using conventional currencies. PDVSA’s decision signifies a broader shift towards the adoption of digital currencies in global commerce.
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2024-04-23 09:40