In a strategic move to bypass US sanctions, Venezuela's state-owned oil and natural gas company, PDVSA, is turning to Tether, a blockchain-based cryptocurrency. This move is aimed at safeguarding oil transactions, despite widespread skepticism and concerns over the reliance on intermediaries.

Tether, a stablecoin pegged to the US dollar, provides PDVSA with a reliable and secure means of conducting transactions, thus circumventing the traditional banking system. This approach, however, is not without its critics who question the transparency and stability of such digital currencies.

This development underscores the growing adoption of blockchain technology and cryptocurrencies in various sectors, including the oil industry. Despite the challenges, such innovative solutions offer a viable alternative for countries and companies facing economic sanctions.

However, the use of such intermediaries also raises questions about the potential for misuse and the need for regulatory oversight. As the blockchain industry continues to evolve, these issues will undoubtedly remain at the forefront of discussions.