PDVSA, the Venezuelan state-owned oil company, is reportedly transitioning its oil sales to USDT, a cryptocurrency, since last year. The Venezuelan oil minister acknowledged that some contracts may favor crypto payments.
PDVSA is requiring new and potentially existing customers to use crypto in digital wallets, but it’s unclear if crypto payments are the preferred choice or a backup option. Venezuela’s previous attempts with crypto, such as the Petro project, have faced challenges.
Despite initial optimism from President Nicolás Maduro, the Petro project closed in January after nearly six years of effort. It was intended to help navigate US sanctions and address economic issues.
The frequency of PDVSA’s crypto usage remains uncertain, but insiders suggest the company is gradually embracing USDT for its oil sales. The Venezuelan oil minister mentioned that some contracts may specify crypto as the preferred payment method, indicating a shift towards digital currencies.
PDVSA is reportedly mandating new customers and potentially existing contracts to hold crypto in digital wallets, though it’s unclear whether crypto payments are the preferred choice or a backup option. Previous encounters with crypto in Venezuela have been faced with challenges, as evidenced by the recent closure of the Petro project.
Despite President Nicolás Maduro’s initial optimism about leveraging the token to navigate U.S. sanctions and address economic woes, Petro’s demise in January marked the end of a nearly six-year effort.