Venezuelan state oil company PDVSA plans to increase the use of Tether to export crude oil and fuel oil

ChainCatcher news, according to Reuters, Venezuela's state oil company PDVSA plans to increase the use of Tether to export crude oil and fuel oil, a move prompted by the recent decision of the United States to reimpose sanctions on the country.

Last year, PDVSA began gradually shifting its oil sales to Tether. The company plans to convert many spot oil transactions into contracts that require prepayment in Tether and is asking new customers to hold cryptocurrency for transactions. Since cryptocurrency transactions are not regulated by any trade compliance departments, PDVSA and its trading partners need to work with intermediaries, which may reduce the company's profit margins.