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Reuters exclusively reported that Venezuela’s state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country.

Market Impact

PDVSA since last year had been slowly moving oil sales to USDT, a digital currency also known as Tether whose value is pegged to the U.S. dollar and designed to maintain a stable value. The return of oil sanctions is speeding up the shift.

Article Tags

Topics of Interest: Energy

Type: Reuters Best

Sectors: Commodities & Energy

Regions: Americas

Countries: Venezuela

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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