TechFlow news, according to Reuters, Venezuela's state-owned oil company PDVSA plans to increase the use of Tether for exporting crude oil and fuel oil, a move prompted by the U.S. decision to recently reimpose sanctions on the country.
Last year, PDVSA began gradually shifting its oil sales toward Tether. The company intends to convert many spot oil deals into contracts requiring prepayment in Tether and will require new customers to hold cryptocurrency for transactions. Since cryptocurrency transactions are not regulated by any trade compliance authorities, PDVSA and its trading partners must work with intermediaries, which could reduce the company's profit margins.
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