Venezuela intensifies crypto use in oil trading amid sanctions
Venezuela's state oil company, PDVSA, is accelerating its shift towards using the digital currency for crude oil and fuel exports in response to the reimposition of U.S. oil sanctions. Venezuelan Oil Minister Pedro Tellechea said last week that various currencies are used as stipulated in the contracts, and that digital currencies are the preferred payment method at times.
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Nixon31
· 2024-04-22 23:20
Out of 33 million Venezuelans, about 10% use crypto assets.
Venezuela intensifies crypto use in oil trading amid sanctions
Venezuela's state oil company, PDVSA, is accelerating its shift towards using the digital currency for crude oil and fuel exports in response to the reimposition of U.S. oil sanctions.
Venezuelan Oil Minister Pedro Tellechea said last week that various currencies are used as stipulated in the contracts, and that digital currencies are the preferred payment method at times.
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