Following a disputed election in Venezuela, over 100 employees at the state oil company PDVSA and other government entities have been forced to resign due to their political views. The government claims President Nicolas Maduro won a third term, but the opposition alleges fraud and claims victory for their candidate. This situation, described by workers and union leaders, could further exacerbate PDVSA’s chronic staffing issues and its already declining oil production.
In response to the United States’ renewed sanctions on Venezuela’s oil industry, the state-owned oil company PDVSA is embracing cryptocurrency. The company is prioritizing the use of digital currencies, especially Tether (USDT), to facilitate crude oil and fuel exports. By transitioning to USDT, PDVSA aims to mitigate potential revenue freezing in foreign bank accounts due to sanctions. While innovative, the shift towards cryptocurrency comes with challenges such as compliance concerns for traders and the need for intermediaries. Despite the obstacles, Venezuela intends to continue oil sales and project expansions during the US-imposed wind-down period.
