The U.S. has reimposed economic sanctions on Venezuela's oil sector, prompting Venezuela to accelerate the adoption of digital currencies like Tether (USDT) for oil transactions to circumvent these restrictions. This move aims to prevent the freezing of oil sale revenues in foreign bank accounts. In response, the U.S. Justice Department has unsealed an indictment charging 10 individuals with conspiring to evade sanctions on Venezuela's state-owned oil company, PDVSA. Amidst these developments, Tether has expressed commitment to complying with Office of Foreign Assets Control (OFAC) regulations by freezing assets related to sanctioned entities.
A spokesperson from Tether told Cointelegraph that the company remains committed to stopping payments linked to Office of Foreign Assets Control sanctioned entities: Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen promptly.… https://t.co/spjHGRjqac
🚨BREAKING: @TETHER_TO PROMISES TO FREEZE ASSETS IN RESPONSE TO VENEZUELAN SANCTION EVASION
Venezuela is looking to Tether as a means to bypass new U.S. sanctions and Shiba Inu raised $12 million in a token sale to build a privacy-focused blockchain. @LedesmaLyllah and @godbole17 report in First Mover Americas. https://t.co/ZWNcGUWscR
Venezuela speeds up plans to accept #crypto for its oil products https://t.co/AWtWUxOhN8
🚨VENEZUELA IS USING TETHER’S $USDT TO AVOID U.S. SANCTIONS🚨 - The United States has recently reimposed oil-related sanctions on the small South American nation of Venezuela, after its President did not conform to election-based promises. - This has led Venezuela's state-run… https://t.co/j0HhtVMC5O https://t.co/TpZhrY2UbC
Venezuela's state-run oil company PDVSA is allegedly set to increase crypto usage in its crude and fuel exports as the U.S. strengthens oil sanctions against the country https://t.co/5y9Bhmh91K
UPDATE: VENEZUELA'S STATE OIL FIRM PDVSA WILL INCREASE THE USE OF $USDT FOR CRUDE AND FUEL OIL EXPORTS AMID NEW U.S. SANCTIONS
Venezuela is about to find out some cool features of tether🙃 https://t.co/mmFjGz9ITx
Venezuela is experimenting with USDT to bypass sanctions, @thesamreynolds reports https://t.co/QoStGUfgRq
US announces charges in scheme to evade sanctions on #Venezuela state oil firm #oott https://t.co/Os1FW1FowU
Venezuela plans to speed up USDT adoption following US sanctions: Reuters https://t.co/BH0kQ9f4VJ
The U.S. Justice Department on Monday announced the unsealing of an indictment charging 10 people in a conspiracy to evade sanctions on a Venezuelan state oil company https://t.co/Ytp06d0EEJ
Using Tether to evade sanctions https://t.co/Ta4jst469h
While retards retweeting "Venezuela will use cryptocurrency" clickbait tweets, the DOJ already joined the chat lol US DOJ Announced Unsealing of Indictment Charging 10 Defendants for Roles in Scheme to Evade Sanctions on Pvenezuelan State-Owned Oil Company Pdvsa https://t.co/Lj9QavRbRL
Countries using @tether to make cross border payments for oil is only the first of many use cases, sanctioned or not. Dollar hegemony continues despite the best efforts of the US government. https://t.co/PbvOjXW7zp
Countries using @tether to make cross border payments for oil is only the first of many use cases, sanctioned or not. Dollar hegemony continues despite the best efforts of the US govenment. https://t.co/PbvOjXW7zp
Venezuela is looking to accelerate the usage of digital currencies such as Tether for oil sales in response to international sanctions. This should end well.
BREAKING: 🇻🇪Venezuela to accelerate cryptocurrency adoption for oil sales to work around new US sanctions - Reuters https://t.co/wPkH2ClXiV
You can rest assured that nothing could possibly go wrong with the Tether fraud, now that they're also enabling sanctions evasion for Venezuelan dictatorship. So let's see, terrorism financing, Russia sanctions evasion, Iran sanctions evasion, Venezuela sanctions evasion, Tether… https://t.co/zXOyKk3mHA
"Using Tether, pegged to the U.S. dollar, PDVSA is seeking to hasten the use of digital currency for oil export transactions to avoid having revenues from oil sales frozen in foreign bank accounts" https://t.co/WoRaytHpTg
The United States has decided to reimpose economic sanctions on Venezuela's oil sector, adding uncertainty to the oil market, when supply security remains a top priority for many regions around the world amid the ongoing conflicts in the Middle East. https://t.co/8egJ1I8uGW