Venezuela Utilizes Tether to Evade US Oil Sanctions

By: Eliza Bennet

Venezuela's state-run oil company, PDVSA, has reportedly turned to cryptocurrency Tether (USDT) to circumnavigate U.S. sanctions in oil transactions. As per recent reports, amid election upheavals, PDVSA started experimenting with the use of USDT in 2023. Meanwhile, in response to this development, Tether has announced that it intends to adhere to the law and block any illegitimate transactions.