Venezuela Turns to USDT to Bypass Sanctions, According to Reuters

According to Reuters, Venezuela is turning to Tether (USDT) as a way to bypass new sanctions imposed by the United States. This is the country's second attempt to use cryptocurrency to circumvent sanctions. PDVSA, Venezuela's state-owned oil company, is reportedly trying to increase its usage of USDT as a hedge against having foreign bank accounts frozen. The company is said to be using intermediaries to trade crypto and obscure the on-chain trail. Venezuela's first experiment with crypto in 2018 failed to gain traction and was discontinued by the government in early 2024.