Venezuela Turns to Stablecoins Amid Sanctions Pressure

Venezuela’s reliance on digital currencies, specifically stablecoins, has intensified in recent years due to sanctions imposed by the United States. President Nicolás Maduro has embraced crypto as a means to circumvent these restrictions and sustain the country’s economy. The move marks a significant shift in Venezuelan financial strategy, with companies like PDVSA, Venezuela’s national oil company, increasingly utilizing stablecoins for international transactions. This decision comes as a response to ongoing U.S. sanctions that have severely impacted the nation’s financial system.