Venezuela's State Oil Company To Push Crypto Adoption Amid US Sanctions: Report

A tanker travels off the coast of Venezuela, where authorities insist its oil sector would keep going regardless of whether the United States imposes sanctions. (Credit: AFP)

KEY POINTS

• The US Treasury will reimpose oil sanctions in relation to a lack of electoral reforms
• PDVSA had already carried out USDT transactions in the first quarter of 2024
• Tether has said it respects the Treasury's list of sanctioned entities

Venezuela's state-run oil company Petróleos de Venezuela (PDVSA) is looking to accelerate the use of cryptocurrencies in crude and fuel exports amid U.S. sanctions in the country's giant oil sector.