US Sanctioned, Venezuelan Oil Company Wants to Be Paid Using Crypto
Venezuela is preparing to increase the dependence of one of its main industries on crypto payments and stablecoins.
Reporting from Bitcoin.com, Sunday (28/4/2024), according to reports, PDVSA, Venezuela's state-owned oil company will be ready to increase the amount of payments accepted in USDT crypto. This move was influenced by the reimposition of unilateral US sanctions against the country.
An international news agency stated that since last year, the company has started using the USDT crypto, a dollar-pegged stablecoin as part of the accepted payment currency.
However, the reimposition of sanctions by the US government has accelerated this process, with PDVSA switching to a contract model that now requires more than half of payments for each shipment to be made using USDT.
Additionally, PDVSA will require companies adopting this kind of contract to register with its internal database and provide proof they have the necessary cryptocurrency to complete payments, according to another source.
