{"id":18469,"date":"2024-04-23T11:00:08","date_gmt":"2024-04-23T11:00:08","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=18469"},"modified":"2024-04-23T09:27:51","modified_gmt":"2024-04-23T09:27:51","slug":"pdvsa-embraces-digital-currency-amid-u-s-sanctions","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/pdvsa-embraces-digital-currency-amid-u-s-sanctions\/","title":{"rendered":"PDVSA Embraces Digital Currency Amid U.S. Sanctions"},"content":{"rendered":"

According to Reuters<\/a>, Venezuela is turning to Tether (USDT)<\/a> as a way to bypass new sanctions imposed by the United States<\/p>\n

Because there were no electoral changes, the U.S. Treasury Department last week gave PDVSA\u2019s customers and providers until May 31 to finish the transactions under the license, following its decision not to extend the general license.\u00a0The need to obtain individual U.S. authorizations to do business with Venezuela will complicate the country\u2019s task of raising oil production and exports.<\/p>\n

For over a year now, a digital currency, called USDT, that is tied to the US dollar and designed to maintain a stable value has been displacing PDVSA\u2019s sales of oil. \u00a0Last week, oil minister of Venezuela Pedro Tellechea told Reuters, \u201cWe have different currencies, according to what is stated in contracts, and in some contracts, digital currencies are preferred means of payment.\u201d<\/em><\/p>\n

The dollar rules the roost in the majority of oil market transactions globally. Even though they have started to appear in many countries, cryptocurrency payments are still not common. PDVSA was shaken last year by approximately $21 billion in unrecognized receivables for oil shipments that were partially associated with previous transactions done using other cryptocurrencies and which occurred in the past few years.<\/p>\n

Following the scandal, Tellechea took control of Venezuela\u2019s oil ministry, and the country\u2019s oil shipments have risen.\u00a0Driven by U.S. licenses that allowed sales, exports reached a four-year peak of nearly 900,000 barrels per day in March.<\/p>\n

PDVSA Implements Digital Currency for Oil Deals, Requires USDT Payments<\/h2>\n

By the end of Q1 2024, a lot of PDVSA\u2019s spot oil deals (excluding swaps) have been put into a contractual framework and up to 50% of the value of each shipment must be paid in advance in USDT.<\/p>\n

Furthermore, new clients need to have cryptocurrencies in a digital wallet at PDVSA before they can take part in oil transactions. According to one of the sources, Venezuela has already started to enforce this obligation even in the contracts that do not contain the USDT clause.<\/p>\n

\u201cIt doesn\u2019t pass any traders\u2019 compliance department because all the money intermediaries go through is tainted,\u201d<\/em> one trader insisted, pointing out that USDT transactions that PDVSA requires do not pass any trader\u2019s compliance department.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to Reuters, Venezuela is turning to Tether (USDT) as a way to bypass new sanctions imposed by the United States Because there were no electoral changes, the U.S. Treasury Department last week gave PDVSA\u2019s customers and providers until May 31 to finish the transactions under the license, following its decision not to extend the<\/p>\n","protected":false},"author":6,"featured_media":18470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1739,4286],"class_list":["post-18469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-digital-currency","tag-tether-usdt"],"yoast_head":"\nPDVSA Embraces Digital Currency Amid U.S. Sanctions - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Discover how Venezuela's PDVSA is turning to digital currency amid US oil sanctions. 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