📢"Tether Plans to Halt Accounts Following Claims of Venezuelan Oil Firm Utilizing USDT to Dodge Sanctions:😱😱😱😱😱😱😱😱
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🔥Following a recent disclosure by Reuters exposing that Venezuela's state-operated oil corporation, PDVSA, has been employing digital currencies to bypass restrictions on its oil and fuel exports, Tether, the provider of the widely-used stablecoin USDT, has declared its intention to freeze accounts linked to entities under sanctions. A representative from Tether underscored the company's adherence to the Office of Foreign Assets Control (OFAC) SDN list and its commitment to swiftly freezing accounts associated with sanctioned entities.
🔥As per insiders, the reintroduction of sanctions will present hurdles for Venezuela in boosting its oil output and exports since firms will require approval from the U.S. to conduct business with the South American country. To alleviate the potential of funds being locked in overseas bank accounts as the fresh sanctions come into play, PDVSA has purportedly transitioned its oil transactions to Tether's USDT stablecoin.
🔥The report also indicates that PDVSA has modified its spot oil agreements in 2024 to a contractual structure that requires upfront payment for shipped cargo in USDT. Moreover, the government-controlled oil corporation purportedly mandates that new clients involved in oil transactions possess cryptocurrency in a digital wallet.
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