- Venezuela is using USDT to bypass sanctions, Reuters reported.
- This is the country’s second experiment with crypto as a means to bypass sanctions.
According to Reuters, PDVSA, Venezuela’s national oil company, is considering using Tether (USDT) as an alternative to evade fresh US sanctions.
According to Reuters, PDVSA is working to increase its use of Tether (USDT), the leading stablecoin pegged to the US dollar, as a safeguard against potential freezing of their foreign bank accounts.
Tether did not respond to a request for comment by CoinDesk by press time.
According to Reuters, Venezuela’s state-owned oil company, PDVSA, employs third parties for its cryptocurrency transactions to make it harder to trace these deals on the blockchain.
In 2018, Venezuela initiated its initial cryptocurrency trial as an alternative to the US dollar. However, this attempt failed to gain traction as none of the significant exchanges adopted it, and the government terminated the project in early 2024.
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2024-04-23 08:11