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Venezuela Looks to Tether to Bypass Sanctions

Venezuela is using USDT to bypass sanctions, Reuters reported. Reuters reported that PDVSA is trying to integrate more usage of USDT as a hedge against having foreign bank accounts frozen. Venezuela's state-owned oil company, PDVSA, is looking to Tether (USDT) as a means to bypass new sanctions placed on it by the United States, Reuters reported. Tether is the world's largest dollar-pegged stablecoin. It also reported that PDVSA uses intermediaries when trading crypto in order to obfuscate the on-chain trail. Venezuela launched its first experiment with crypto in 2018 as a way to bypass the dollar, but it never really took off.

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