Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this week’s edition, Venezuela’s oil income relies largely on USDT payments, and Argentina’s Milei signed an NDA with Libra’s organizers.
Latam Insights: Venezuela's USDT Oil Economy, Libra's Saga Continues
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Amidst Sanctions and Tanker Seizures, 80% of the Venezuelan Oil Sales Revenue Is Collected Using USDT
Venezuela has integrated stablecoins and USDT as a pivotal part of its oil strategy, according to local reports.
Asdrubal Oliveros, a local economist, referred to the relevant place that these digital assets play in the current Venezuelan oil economy, given the difficulties it faces because of the unilateral sanctions exerted by the U.S. government.
In a recent podcast, where Oliveros highlighted that oil production grew to over 1 million barrels per day, he detailed the ties that this sector has developed with the cryptocurrency economy.
Oliveros stated:
The most direct link this year to the crypto sector comes from there because ultimately, almost 80% of oil revenue is being collected in cryptocurrencies, in stablecoins.
Libra Saga: Hayden Davis Signed NDA to Become Argentina’s Blockchain Advisor
A journalistic investigation might have uncovered a deeper link between President Javier Milei and Libra two weeks before its launch.
According to a report published by Clarin, Argentina’s President Javier Milei signed an agreement with Hayden Davis, CEO of Kelsier Ventures, in the weeks leading up to the launch of Libra, a cryptocurrency focused on helping Argentine companies obtain funding.
The agreement, which was redacted in Spanish and does not mention Libra, designates Davis as an “ad-honorem” blockchain and artificial intelligence (AI) advisor for Argentina.
The agreement states that Davies assumes a compromise with Argentina to provide “professional support, aligned with global trends in decentralization and technological modernization, ensuring the highest quality and confidentiality at every stage of the consultation.”
FAQ
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What role does USDT play in Venezuela’s oil revenue?
Venezuela relies on USDT for 80% of its oil sales revenue, leveraging stablecoins amid U.S. sanctions. -
What recent agreement has President Milei of Argentina signed?
Argentina’s President Javier Milei signed an NDA with Hayden Davis, becoming his blockchain advisor ahead of Libra’s launch.
