Bolivian Government Prohibits Crypto Use in State Oil Transactions
Bolivia has officially banned the use of cryptocurrencies for energy-related transactions through Executive Order 5399, signed by President Luis Arce.
The move aims to curb speculation on platforms like Binance and stabilize exchange rate expectations after a spike in stablecoin prices on parallel markets. The order prohibits the state oil company, YPFB, from using crypto for payments, despite previous reports suggesting it might consider such a move amid a foreign currency shortage.
YPFB clarified that it has not used crypto due to lack of industry acceptance and regulatory clarity, and noted that local exchanges lack the liquidity to support large-scale energy purchases.
Clever Robot News Desk 30th May 2025
