Venezuela bets on Tether cryptocurrency to skirt oil sanctions

As the United States reimposes oil sanctions on Venezuela, the country’s state-run oil company PDVSA is planning to increase its reliance on digital currencies for crude and fuel exports, according to a recent Reuters report.

The U.S. Treasury Department recently declined to renew a general license, giving PDVSA’s customers and providers until May 31 to wind down transactions. This move is expected to hinder Venezuela’s efforts to increase oil output and exports, as companies will need...