Chevron’s operations in Venezuela will be able to continue until April 2025 after the United States Department of the Treasury, through the Office of Foreign Assets Control (OFAC), renewed General License 41 that authorizes said activity.

Thus, the oil company Chevron has permission to carry out operations in Venezuela until the stipulated date, through automatic renewal.

José Ignacio Hernández, a lawyer and university professor, stated on his account on the social network X on October 1: “Today, General License 41, which authorizes Chevron to carry out oil activities, was automatically renewed. Despite the prohibitions, the company appears to pay royalties and taxes to the Maduro government. Without transparency.”

The license authorizes Chevron to “extract oil and its derivatives, market crude oil only in the United States, but cannot sell or export that oil to other jurisdictions outside the North American country.”

General License 41 also authorizes “activities related to Chevron’s joint ventures in Venezuela only, and does not authorize other activities with Pdvsa.”

What this license does authorize are the transactions necessary for “certain activities linked to both companies or any entity in which Pdvsa has, directly or indirectly, a participation of 50 or more.”

M.Pino

Source: quepasa

(Reference image source: Luis Ramirez in Unsplash)

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La entrada Chevron will be able to operate in Venezuela until April 2025 apareció primero en Bitfinance.

One of the independent agencies of the United States Department of the Treasury, called the Office of the Comptroller of the Currency, has ruled through a statement about the use of stablecoins as a mechanism to issue payments in cryptocurrencies.

The measure directed exclusively to regulated banks of the Federal Government clarifies that as long as the law and banking practices are complied with, any “national bank or federal savings association can validate, store and record payment transactions serving as a node in an INVN (independent node verification network), also known as the independent node verification network or blockchain network ”.

The government entity also added that a bank “can use INVN and related stablecoins to carry out other permitted payment activities.”

Banks may issue stable coins

In the letter, it is also taken for granted that banks will be able to issue stablecoins due to charging debit cards and checks by exchanging them for fiat money. “Banks have long used cashier’s checks, traveler’s checks and other bearer instruments as a means of facilitating cashless payments,” as specified in the statement.

Jeremy Allaire, co-founder and CEO of Circle, assures that the measure leads the country’s economy to very important scenarios. “It is tremendous to see such progressive support from the largest national bank regulator in the United States,” Allaire said.

K.Villarroel

Source: diariobitcoin

La entrada US banking regulators approve the use of blockchain to issue payments apareció primero en Bitfinance.