Venezuela’s Businesses Switch to USDT Settlements to Avoid US Sanctions

Venezuelan businesses are increasingly turning to digital currencies in order to circumvent US sanctions imposed on the country’s economy. The move comes as part of a larger effort by the government to create a cryptocurrency-based economy, with the Petro as its main currency.

Businesses in the country are now settling payments in USDT, a stablecoin pegged to the US dollar, as a way to avoid being subject to the US sanctions.

The Venezuelan government has been encouraging the use of cryptocurrencies as a way to bypass US sanctions, which has been done by setting up a network of exchanges that allow users to convert the Petro into other digital currencies such as Bitcoin, Ethereum and USDT.

The move is also seen as a way to help the Venezuelan economy, as it allows businesses to get access to foreign currency without actually holding it.