Venezuelan Oil company is considering using Crypto for Oil Sales

The Venezuelan state-run oil company “PDVSA”, is considering using Tether (USDT) for oil sales after the oil sanctions return, according to a report from Reuters.

The U.S. Treasury Department last week gave PDVSA’s customers and providers until May 31 to wind down transactions under a general license it did not renew due to a lack of electoral reforms.

The move will make it harder for the country to increase oil production and exports, as companies will have to wait for individual permits from the United States to do business with Venezuela.

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