(MENAFN- Investor Brand Network) Venezuela's state-owned oil company, PDVSA, is gearing up to ramp up
digital currency use in its exports of fuel and crude oil
amid renewed oil sanctions imposed by the United States, according to three individuals aware of the strategy. Recently, the U.S. Department of Treasury set a deadline of May 31, 2024, for PDVSA suppliers and clients to conclude transactions under the nonrenewed general license, citing the absence of electoral reforms. This action makes it more difficult for Venezuela to increase oil production and exports since it now requires specific U.S. licenses for companies to do business with the nation.
PDVSA had already been gradually transitioning its oil transactions to USDT, whose worth is tethered to the U.S. dollar (USD), thus maintaining stability. This shift has been expedited by the reinstatement of sanctions , which are intended to reduce the possibility that sales revenues may be blocked from...
Read More>>
About CryptoCurrencyWire
CryptoCurrencyWire
(“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 60+ brands within
the
Dynamic Brand Portfolio
@
IBN
that delivers :
(1) access to a vast network of wire solutions via
InvestorWire
to efficiently and effectively reach a myriad of target markets, demographics and diverse industries ;
(2) article and
editorial syndication to 5,000+ outlets ;
(3) enhanced
press release enhancement
to ensure maximum impact ;
(4)
social media distribution
via IBN to millions of social media followers ;
and (5) a full array of tailored
corporate communications solutions . With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today's market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from CryptoCurrencyWire, text“CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit
Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published:
/Disclaimer
CryptoCurrencyWire
New York, NY
212.994.9818 Office
...
CryptoCurrencyWire is powered by
IBN
MENAFN29042024000224011066ID1108152461
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.