• Venezuela is using USDT to bypass sanctions, Reuters reported.

  • This is the country's second experiment with crypto as a means to bypass sanctions.

Venezuela's state-owned oil company, PDVSA, is looking to Tether (USDT) as a means to bypass new sanctions placed on it by the United States, Reuters reported.

Reuters reported that PDVSA is trying to integrate more usage of USDT as a hedge against having foreign bank accounts frozen. Tether is the world's largest dollar-pegged stablecoin.

Tether did not respond to a request for comment by CoinDesk by press time.

Reuters reported that PDVSA uses intermediaries when trading crypto in order to obfuscate the on-chain trail.

Venezuela launched its first experiment with crypto in 2018 as a way to bypass the dollar, but it never really took off, with no major exchanges accepting it and the government sunsetting the program in early 2024.


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day

FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day

Floki Inu (FLOKI) has noted a spike in on-chain metrics in May. The meme coin rallied alongside large market capitalization meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and PEPE (PEPE) this cycle. 

More FLOKI News

Top 3 meme coins Dogecoin, Shiba Inu suffer price decline, Bonk price rallies

Top 3 meme coins Dogecoin, Shiba Inu suffer price decline, Bonk price rallies

Dogecoin (DOGE) and Shiba Inu (SHIB) decline on Tuesday amidst bearish on-chain metrics, as seen on Santiment. On the other hand, Bonk (BONK) price rallies amidst bullish technical indicators on its daily chart. 

More Meme coins News

XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55

XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55

Ripple holders shed their XRP holdings and took $20 million in profits since May 18. XRP social dominance is nearly at the same level, at 1.46%. XRP sustained above $0.52 on Tuesday but is down 1% on the day. 

More Ripple News

Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000

Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000

Bitcoin hovers around the $68,000 level on May 28, Tuesday as market participants brace for Mt.Gox transfers of BTC. The defunct crypto exchange’s wallet, tracked by on-chain intelligence trackers, have made BTC transfers to a new wallet. 

More Bitcoin News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP