Bolivia passed a new law allowing state oil company YPFB to use crypto assets for international fuel purchases amid dollar shortages.
New Decree to Address Dollar Shortage
The Bolivian government approved Supreme Decree 5348, enabling YPFB to conduct international fuel transactions using cryptocurrencies. This measure aims to tackle the shortage of U.S. dollars complicating currency operations.
Support for Digital Financial Tools
The Central Bank of Bolivia is expanding the use of digital tools while maintaining the boliviano as the only legal currency. The government emphasized that crypto assets will be limited to approved transactions to reduce strain on foreign reserves.
Risks and Prospects of Cryptocurrencies
ETHNews analysts caution that the volatility of crypto markets and YPFB’s risk management practices will impact outcomes. The decree introduces transparency rules for crypto transactions without modifying existing currency laws.
Bolivia is taking steps to integrate cryptocurrencies into its economy, aiming to lessen its reliance on dollars while remaining committed to its own national currency.
