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Venezuela is speeding up its implementation of cryptocurrency in crude and fuel exports, following the US reimposing Oil sanctions on the country. According to unnamed people familiar with the plan, Venezuela ’s state-run Oil company PDVSA is working on accelerating its plan to increase digital currency usage to work around these sanctions. JUST IN: Venezuela to use cryptocurrency for oil sales, Reuters reports. — Watcher.Guru (@WatcherGuru) April 22, 2024 Last week, the US Treasury gave PDVSA’s customers and providers until May 31 to limit transactions under a general license it did not renew due to a lack of electoral reforms. Companies will have to wait for individual U.S. authorizations to do oil business with Venezuela. PDVSA To Speed Up Plan For Digital Payments PDVSA has already started its plan to shift towards digital currency. In 2023, the company began slowly moving oil sales to USDT. Following these reignited sanctions though, the proces...

The US pressed Sanctions on Venezuela in 2018 and banned its state-run Oil company PDVSA from exporting to its chosen markets. Under pressure to lift its economy amid Sanctions , Venezuela announced in May that it plans to completely end reliance on the US dollar and no longer use the currency for any global trade. Venezuela is following in the footsteps of BRICS to lift its native economy by ending dependency on the US dollar. Read here to know how many sectors in the US could be affected if BRICS completely stops using the dollar. The move could send the US economy on a downward trajectory with uncontrolled inflation and job losses across America. Also Read: 39 Countries Ready To Join BRICS in 2024 BRICS: Venezuela Threatens To Stop Using the US Dollar, Now White House Eases Sanctions Source: latinamericanpost.com A handful of developing countries are gaining inspiration from BRICS and abandoning the US dollar for global trade. Developing countries are advancing to...