Reuters: Venezuela to accelerate cryptocurrency transition as oil sanctions return

According to BlockBeats, on April 23, Reuters reported that three people familiar with the matter revealed that as the United States re-imposed oil sanctions on Venezuela, Venezuela's state-owned oil company PDVSA plans to increase the use of digital currencies in crude oil and fuel exports. The U.S. Treasury Department last week asked PDVSA's customers and suppliers to end transactions by May 31. The move will make it more difficult for Venezuela to increase oil production and exports, as companies will have to wait for separate U.S. authorization to do business with Venezuela. Since last year, PDVSA has been slowly turning to USDT in oil sales, whose value is pegged to the U.S. dollar. People familiar with the matter said the restoration of oil sanctions is accelerating the shift, a move to reduce the risk of sales revenue being frozen in foreign bank accounts due to sanctions.