Venezuela's Strategic Shift to USDT Amidst US Sanctions
What Challenges Venezuela's Shift to USDT Might Face
According to Reuters, the US Treasury announced it would not renew a general license for PDVSA. The US Treasury set a deadline of May 31 for PDVSA to wind down its operations, complicating Venezuela's efforts to boost oil production and exports.
Tellechea's remark highlights the flexibility PDVSA is integrating into its payment systems. The effectiveness and security of using cryptocurrencies like USDT in circumventing sanctions are under scrutiny.
Implications of USDT Integration
PDVSA's gradual shift towards cryptocurrency aims to safeguard oil revenues from being frozen in foreign bank accounts, meeting digital transaction requirements but facing skepticism within trading sectors.
- USDT reliance on intermediaries could reduce oil proceeds reaching PDVSA
- Blockchain traceability adds complexity and scrutiny on potential illicit activities
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.