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Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), the country’s biggest state-owned energy business, plans to accept cryptocurrency payments for fuel and energy imports. In response to the persistent lack of dollars in the nation, YPFB has created a mechanism to handle cryptocurrency transactions, a business spokeswoman revealed.
The system supports the government’s national fuel subsidy policy. The spokesperson stated: “From now on, these (cryptocurrency) transactions will be carried out.”
Although YPFB has not yet executed any crypto-based transactions, government officials have publicly acknowledged the framework’s implementation. This move aligns with the country’s efforts to explore alternative financial solutions as it faces economic challenges.
Bolivian authorities have shown interest in stablecoins, although YPFB has not made clear which digital assets will be deployed. These dollar-denominated cryptocurrency assets might be a dependable substitute for international trade.
In July, Bolivia’s central bank president, Edwin Rojas Ulo, highlighted stablecoins’ role in financial operations. He noted: “Using them was ‘as if one were trading in North American currency, although what one is doing are operations with these digital assets.’”
Over the past year, Bolivia has made notable progress in the use of cryptocurrency. People are now able to purchase and sell digital assets using conventional bank accounts after the central bank relaxed its complete prohibition on cryptocurrencies. Since then, the number of cryptocurrency transactions in the nation has increased, indicating increased interest.
Proposals to use USDT (Tether) to strengthen the local economy have also gained traction. Bolivia is continuing to embrace digital assets with YPFB’s adoption of cryptocurrency, which might change the country’s financial landscape.