Completed in October 2024, the deal facilitated the transport of 670,000 barrels of crude oil and marked Tether’s entry into the commodity trading market.
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BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However, […]
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Accusing the U.S. of undermining the dollar through money printing and sanctions policy, President Vladimir Putin has admitted that cryptocurrency can be utilized for settlements in the future, although it’s too early to do that in oil trade. While noting that it lacks backing, the Russian leader assumed crypto could be used to store value […]
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Venezuelan President Nicolas Maduro has been tirelessly promoting the petro, ever since his administration announced the creation of what is now considered the first state-issued cryptocurrency. Although no one is really sure whether the coin actually works, Venezuelans have already seen their salaries denominated in the national crypto and their pensions converted to petro. Imposing […]
The post Maduro’s Promotion of the Petro Yet to Yield Results appeared first on Bitcoin News.
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