Venezuela could face significant obstacles in its efforts to use cryptocurrency to get around the sanctions on the country's oil and fuel exports recently resumed by the United States. This comes as the preferred token, Tether (or USDT), has already announced new measures, and after years of Venezuela's state coin, 'El Petro', has proven to be a failure.
In response to a recent Reuters report revealing that the state-run oil company Petróleos de Venezuela (PDVSA) has been accelerating the use of cryptocurrencies in crude and fuel exports amid U.S. sanctions in the country's giant oil sector, one of the most important actors enabling this evasion for the South American country has turned away from them.
