Bolivia, a country that has recently shown several positive signs of integrating crypto into its payments and financial systems, has prohibited the use of crypto for settling energy-related purchases.

This measure is part of a series of economic actions aimed at curbing speculation on cryptocurrency exchanges like Binance.

Executive Order 5399, which bans YPFB, the state-owned oil company, from purchasing crypto to settle payments, was enacted on May 23 after the rise of the price of stablecoins in parallel markets as traders tried to front-run the company in a for-profit dollar trade.

President Luis Arce stated:

YPFB has not conducted any transactions with cryptoassets; however, there has been considerable speculation surrounding this issue, which affects expectations regarding the exchange rate. This measure eliminates that distortion.

YPFB President Armin Dorgathen highlighted that the company had not used cryptocurrency for these transactions for two reasons: no counterparty acceptance for these assets in the oil industry, and the lack of clear regulations to complete these exchanges.

“YPFB, today, is not using crypto assets, and it is not something we are thinking of doing in the short term; most companies still do not accept it as a form of payment, so it is unlikely that we will be able to use them as a form of payment for fuel,” he stressed.

Finally, he also stated that the volumes negotiated in national exchanges were too low and illiquid to fund the needed fuel purchases.

In March, Reuters reported that YPFB was ready to use cryptocurrency to settle energy payments due to the scarcity of foreign currency, a development allegedly confirmed by local government sources. Nonetheless, this measure eliminates any possibility of this happening at least in the short term.

Read more: Dollar-Strapped Bolivia to Rely on Cryptocurrency for Energy Imports

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。