Venezuela Used USDT to Pay for Oil Sales Post Sanctions: Report
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Venezuela's state oil firm PDVSA now uses USDT to settle crude oil sales due to US sanctions, effectively bypassing the dollar banking system. USDT has become a parallel currency for Venezuelans as hyperinflation has devalued the bolivar. Reports suggest Venezuela may hold about 600K BTC, though this data remains unverified.
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- Venezuela’s state oil firm PDVSA used USDT to settle crude sales after US sanctions.
- USDT also became a parallel currency for civilians as hyperinflation wiped out the bolivar.
- The country is expected to hold a massive 600K BTC stash but data remains unconfirmed.
Venezuela turned to USDT after United States sanctions cut off access to the dollar banking system. Interestingly, the US has imposed “targeted sanctions” against Venezuelan individuals and entities over “criminal, antidemocratic, or corrupt actions” since 2005.
According to a Wall Street Journal report, state oil firm PDVSA began demanding payments in the stablecoin to keep crude exports moving.
By 2020, buyers were required to hold crypto wallets. Oil deals were settled through direct USDT transfers or via intermediaries that swapped cash proceeds into stablecoins. This bypassed banks entirely and r…
Read The Full Article Venezuela Used USDT to Pay for Oil Sales Post Sanctions: Report On Coin Edition.
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