Venezuela Turns to Crypto Transactions to Avoid US’ Oil Sanctions | Firstpost America

Venezuela Turns to Crypto Transactions to Avoid US’ Oil Sanctions | Firstpost America

in South America Venezuela’s state-run
oil company is planning to increase the
use of cryptocurrency to bypass renewed
us sanctions now this comes as the US
Treasury Department reimposed sanctions
last week and asked the Venezuelan
company to wind down its operations by
May 31st Washington is trying to
pressure president Nicholas Maduro to
make political changes in his country
now in January the Biden Administration
threatened to renew sanctions on
Venezuela oil sector if kakas continues
to ban opposition leaders from running
against Maduro later this
year by wanting to harm us you harm
yourselves we are going ahead with or
without a license we aren’t a gringo
Colony we aren’t your Colony Venezuela
will move on with its economic Pace no
one will stop us Mr Gringos
barred opposition leader Maria Kino
Machado has been has been banned from
holding office for at least 15 years
Machado is accused of supporting the
American sanctions and has been charged
with corruption by Venezuela’s highest
core the regime has violated every
agreement they had they’ve not complied
with everything that they committed with
doing instead they have intensified
repression theyve incarcerated more
people they’ve persecuted they’ve barred
opposition members everything they’ve
said they would not do meanwhile the
other side has complied with their own
part of the agreements including
[Music]
myself now Reports say that the US
sanctions have made it more difficult
for Venezuela to increase its oil output
and exports now this is because American
companies now have to wait for
individual authorization ations to do
business with Venezuela to counter these
sanctions Venezuela’s state-run Oil
Company began accepting payments through
digital currencies just last year and
one of these cryptocurrencies is called
usdt or tether which is designed to
maintain a stable value as it’s Peg to
the US dollar now the return of us
sanctions is speeding up the Reliance on
cryptocurrency as Kaka rushes to reduce
the risk of payments getting Frozen and
foreign Bank accounts Reports say
Venezuela state-run oil company has
moved to a new contract model where it
demands prepayment for half of each
cargo’s value in the tether
cryptocurrency karacas also wants new
customers to purchase oil using
cryptocurrency from a digital wallet
this requirement has been enforced on
even some old contracts as well now
despite the sanctions Venezuela’s
exports reach some 900,000 barrels per
day just just last month the highest in
four years the global oil market usually
transacts in US dollars but Venezuela is
making the shift to cryptocurrency
bypassing the global oil trade order
which relies on the American
currency from impeachments to
inaugurations if it’s a political story
we are on the scene the race for the
White House is heating up we’re beating
Biden how dare he say that if it’s
breaking news
we’re live with the latest coverage from
the White House the state department and
Capitol Hill we know the issue but above
all we know the players to bring you the
latest in-depth analysis on all the key
stories that we’re covering I’m Eric ham
join me from Washington here on first
post
America for

Venezuela Turns to Crypto Transactions to Avoid US’ Oil Sanctions | Firstpost America

Venezuela’s state-run oil company is reportedly planning to increase the use of digital currency in its crude and fuel exports. This comes after the US reimposed oil sanctions and asked the oil company to wind up its operations by May 31. Reports say Caracas had been slowly moving oil sales to USDT or Tether, which is a digital currency whose value is pegged to the US dollar. This is because the global oil market predominantly transacts in US dollars. In January, Washington had threatened Caracas of reimposing oil sanctions if it continues to ban opposition leaders from running against President Nicolas Maduro later this year.

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Venezuela | Crypto Transactions | Cryptocurrency | Digital Currency | US | Oil Sanctions | Firstpost America | Eric Ham | War | Geopolitics | Global Economy | Firstpost | World News | Latest News | Global News | International News | Trending News

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