Venezuela leveraging cryptocurrencies to escape US sanctions!
Hi HODLers, Hiveans and Lions,
Venezuela's state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country
US is working to reimpose some sanction on the Venezuelan Oil sector. Pushing them to find alternatives to USD payment.
"We have different currencies, according to what is stated in contracts,"
Venezuelan oil minister Pedro Tellechea said last week
Venezuela launched its first experiment with crypto in 2018 as a way to bypass the dollar, but it never really took off, with no major exchanges accepting it and the government sunsetting the program in early 2024.
I am not a fan of Venezuela or its government but it does show that Crypto as a whole helps out individuals and even rogue state to bypass some centralized censorship.
Tether reported that they would work with the US to freeze Venezuelan USDT. I have also read recent article mentioning Venezuela might look to trade oil in #bitcoin instead.
Let's see what happens next!
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