The Bolivia’s state energy firm, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) plans to adopt crypto payments for the procurement of fuels as the country faces acute shortage of the foreign currency and fuel supply. officials of the company recently stated that the government of the country had endorsed the use of digital assets in the purchase of fuel thus changing its stance on cross border operations.
Bolivia Approves Crypto Payments for Fuel Amid Economic Challenges
As per the latest information, YPFB has developed a system to carry out crypto transaction on imported fuel. This, the company said, will assist in solving the scarcity of the US dollars that has occasioned the challenge of fuel importation in the country.
A spokesperson for YPFB confirmed that while crypto transactions had been approved, the firm had not yet initiated any purchases using digital currencies. However, the plan is expected to be implemented soon to support the country’s fuel subsidy programs.
Bolivia, which was once a major energy exporter, has faced a decline in domestic gas production. The lack of new gas discoveries and reduced exports have contributed to a shortfall in foreign currency reserves. As a result, the country has become increasingly dependent on fuel imports to meet domestic demand.
With the growing crypto payment adoption, regulatory policies are shifting to accommodate the expanding industry. Most recently, Donald Trump revealed plans to sign an executive order to reverse banking restrictions on crypto firms, easing their access to financial services. This move aims to reshape U.S. crypto policy by rolling back limitations imposed during the Biden administration.
Government Aims to Stabilize Fuel Market with Crypto Payments
Officials have stated that crypto payments will be used strategically to support the country’s fuel market. By leveraging digital assets, Bolivia aims to ensure a continuous supply of fuel without disruptions caused by currency shortages. This decision aligns with broader efforts to explore alternative financial solutions amid economic pressures.
Despite this move, authorities have not specified which cryptocurrencies will be used for transactions.
With the growing crypto payment adoption, Ripple recently expanded its services to Portugal and Brazil through a partnership with Unicâmbio. The collaboration enables near-instant, low-cost cross-border transactions using blockchain technology. This move strengthens financial ties between the two nations while reinforcing crypto payments in Latin America.
Russia’s Central Bank Proposes Crypto Trading for Investors
Meanwhile, Russia’s central bank has proposed a limited framework allowing qualified investors to trade crypto assets, including Bitcoin. The plan includes a three-year experimental regime for investors who meet strict financial criteria.
The Russian government has not yet approved the proposal, and cryptocurrencies remain restricted for general use. However, the plan aims to enhance market transparency and regulate investment activities related to digital assets.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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