Venezuela's state-run oil company PDVSA plans to increase the use of digital currency in its crude oil and fuel exports, as the United States reimposes oil sanctions on the country, according to three people who have seen the plan.
The U.S. Treasury Department has given PDVSA customers and providers until May 31 to terminate transactions under a generic license that it did not renew, due to the lack of electoral reforms. The move will make it difficult for the country to increase oil production and exports, as companies will have to wait for individual U.S. licenses to do business with Venezuela.
Since last year, PDVSA has been slowly moving oil sales to USDT, a digital currency also known as Tether, whose value is pegged to the U.S. dollar and designed to maintain stable value.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
