Share this article
BTC
$92,840.97
-
0.69%ETH
$1,774.82
-
1.26%USDT
$1.0002
-
0.00%XRP
$2.1919
-
1.56%BNB
$604.54
-
2.02%SOL
$148.66
-
1.41%USDC
$0.9999
+
0.01%DOGE
$0.1740
-
4.31%ADA
$0.6849
-
1.27%TRX
$0.2434
-
1.78%SUI
$2.9992
+
3.58%LINK
$14.57
+
0.19%AVAX
$22.01
-
2.73%LEO
$9.1978
+
1.60%XLM
$0.2636
-
1.60%TON
$3.1319
+
0.27%SHIB
$0.0₄1328
-
3.75%HBAR
$0.1783
-
2.69%BCH
$364.64
+
1.17%LTC
$82.66
-
1.90%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Venezuela Looks to Tether to Bypass Sanctions: Reuters
Venezuela's state-run oil company started experimenting with Tether in 2023
- 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.
STORY CONTINUES BELOW
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.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
