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Home»BITCOIN NEWS»Asset freeze due to Venezuela’s cryptocurrency strategy for oil exports
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Asset freeze due to Venezuela’s cryptocurrency strategy for oil exports

By Crypto FlexsApril 24, 20245 Mins Read
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Asset freeze due to Venezuela’s cryptocurrency strategy for oil exports
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Tether announced strict measures in response to reports that Venezuela’s state-owned oil company PDVSA had adopted cryptocurrencies such as USDT to manage its oil and fuel exports. The company, which issues the stablecoin USDT, announced its intention to freeze transactions involving entities sanctioned by the Office of Foreign Assets Control (OFAC). This decision highlights Tether’s commitment to adhering to regulatory standards and enforcing sanctions compliance.

Compliance Management: Tether’s Response to Venezuela’s Cryptocurrency Use in Oil Trading

A Tether spokesperson emphasized its commitment to the OFAC SDN list, saying, “Tether respects the OFAC SDN list and is working to ensure that sanctioned addresses are immediately frozen.” This announcement reinforces Tether’s proactive stance on compliance, consistent with its policy of blocking payments to OFAC-approved entities.

The background to Tether’s decision includes a detailed report from Reuters showing that PDVSA is leveraging cryptocurrencies to evade new US sanctions. These sanctions, reimposed after Venezuela reportedly failed to carry out necessary electoral reforms, aim to restrict Venezuela’s oil trade unless specific approval is obtained from the United States. The impact of sanctions has been severe, complicating Venezuela’s ability to increase its oil exports. That’s because companies now require explicit U.S. permission to work with South American countries.

Additional reports in 2023 linked cryptocurrency trading to a serious corruption scandal within PDVSA involving approximately $21 billion in unaccounted receivables from oil exports. Despite these difficulties, sources said PDVSA has shifted its oil sales strategy to using USDT. This is to mitigate the risk of funds being frozen in offshore accounts as new sanctions take effect.

PDVSA also reportedly changed its trading model for spot oil trading in its strategic shift in 2024, opting for contracts requiring upfront payment in USDT. Additionally, this adjustment will require new customers looking to purchase oil to maintain their cryptocurrency in their digital wallets while adapting to the evolving financial and sanctions environment.

The scenario has evolved further as companies seeking to resume operations with PDVSA after obtaining six-month license approval from the United States in October 2023 navigate through intermediaries to meet these cryptocurrency payment prerequisites.

Tether’s proactive measures against sanctioned transactions

The impact on both cryptocurrency and the global financial sector is significant as Tether steps up enforcement actions in response to Venezuela’s innovative use of cryptocurrencies to sustain its oil exports. This proactive stance from Tether not only improves the transparency and integrity of digital transactions, but also sets a precedent for how companies can navigate the complex web of international regulations. Tether is contributing to global efforts to maintain economic stability and compliance by strengthening the cryptocurrency’s role in maintaining economic sanctions by freezing transactions linked to sanctioned entities. As the digital currency landscape continues to evolve, Tether’s actions serve as a reminder of the important balance between innovation and regulation. This ongoing situation will undoubtedly continue to impact the dynamics of international trade and digital finance and shape the future of cryptocurrency utilization in global markets.

Cosmic Force Feed: Tether Vows to Freeze Assets After Venezuela Seeks Cryptocurrency to Bypass Oil Sanctions https://t.co/ixp2yS1hYz https://t.co/QDsS9aHx9D pic.twitter.com/raAAieJXqA

— Cosmic Force 🎮 Crypto Gold Rush ⛏ (@WavemStudios) April 23, 2024

Dogeverse: A Chain-Hopping Meme Coin That Will Revolutionize the Cryptocurrency Presale Scene

Dogeverse stands out in the cryptocurrency industry with its meme coin, which not only catches the eye with its charming Shiba Inu mascot Cosmo, but also demonstrates outstanding interoperability across multiple blockchain platforms. Existing on Ethereum, BNB Chain, Polygon, Base, Solana, and Avalanche, Dogeverse offers a unique experience to a wide range of cryptocurrency enthusiasts. This multi-chain feature not only broadens accessibility, but also adds appeal that could potentially change its position in the market from just a meme coin to a real influencer in the cryptocurrency space.

The advantages of Dogeverse are many thanks to its ability to operate on a variety of chains. This accessibility means that users with a variety of blockchain preferences can benefit from Dogeverse. Whether it’s the cost-effectiveness of Solana, the cutting-edge technology of Ethereum, or even the possibilities offered by new native chains, Dogeverse ensures that it meets the needs of a wide audience. Dogeverse also bridges the gap between these different chains through tools like Wormhole and PortalBridge, which not only improves the user experience but also promotes unity within the often fragmented blockchain community.

Beyond its technical prowess, Dogeverse is rich in narrative potential. Cosmo’s mythical figure could fuel a variety of legendary stories across the chain, potentially elevating Cosmo to a mythical status that could rival established icons like Dogecoin. This knowledge element adds an attractive layer to the token, improving its appeal.

Dogeverse’s financial structure is designed to attract serious investors with a total token supply of 200 billion, of which 30 billion will be allocated to a strategically structured pre-sale. This pre-sale will take place over 10 stages, with token prices starting at $0.0000290 and going up to $0.000299 in the final stage. The funding goal is ambitious yet achievable, with a soft cap of $8.83 million and a hard cap of $170.02 million.

Dogeverse raised more than $300,000 within one day of launch, demonstrating strong market interest. This buzz is a testament to the community’s passion and potential for fresh and innovative cryptocurrency products. Those interested in participating can find more information and participation options at thedogeverse.com, where the future of this exciting meme coin is being shaped.

Dogeverse’s journey through the cryptocurrency world is marked by an innovative approach to chain hopping and a captivating narrative, setting a new standard for what meme coins can achieve.

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