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The U.S. has reimposed economic sanctions on Venezuela's oil sector, prompting Venezuela to accelerate the adoption of digital currencies like Tether (USDT) for oil transactions to circumvent these restrictions. This move aims to prevent the freezing of oil sale revenues in foreign bank accounts. In response, the U.S. Justice Department has unsealed an indictment charging 10 individuals with conspiring to evade sanctions on Venezuela's state-owned oil company, PDVSA. Amidst these developments, Tether has expressed commitment to complying with Office of Foreign Assets Control (OFAC) regulations by freezing assets related to sanctioned entities.
A spokesperson from Tether told Cointelegraph that the company remains committed to stopping payments linked to Office of Foreign Assets Control sanctioned entities: Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen promptly.… https://t.co/spjHGRjqac
🚨BREAKING: @TETHER_TO PROMISES TO FREEZE ASSETS IN RESPONSE TO VENEZUELAN SANCTION EVASION
Venezuela is looking to Tether as a means to bypass new U.S. sanctions and Shiba Inu raised $12 million in a token sale to build a privacy-focused blockchain. @LedesmaLyllah and @godbole17 report in First Mover Americas. https://t.co/ZWNcGUWscR
