Tether would freeze addresses linked to sanctioned entities in Venezuela

The economic and financial situation in Venezuela after the imposition of sanctions by the US has unleashed a crisis that affects the free trade of both exports and imports in this important oil country.

It has been speculated that the South American country had been able to float economically by making use of cryptocurrencies, a fact that in some way would be compromised since recently Tether would freeze the addresses linked to sanctioned entities in Venezuela.

In this sense and according to information socialized by Gareth Jenkinson in the news portal Cointelegraph, "USDT issuer Tether says it will freeze addresses linked to sanctioned entities following a report that Venezuela's state oil company was using the stablecoin to circumvent sanctions."

Jenkinson's article manages to read the following, "Tether respects OFAC's SDN list and is committed to working to ensure that sanctions addresses are frozen quickly," information that was disclosed by one of Tether's spokespersons.

The truth is, "This comes after an exclusive Reuters report claimed that Venezuela's state-owned oil company PDVSA has been using cryptocurrencies to facilitate its crude and fuel exports. The country is facing new oil sanctions reimposed by the U.S."

Cointelegraph. Tether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctions. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph