Bolivia Prohibits State-Owned Oil Company from Using Cryptocurrency for Energy Procurement Settlement

According to Bitcoin.com, Bolivian President Luis Arce has signed an executive order prohibiting the use of crypto assets for energy procurement settlements. The order, issued on May 23, primarily targets the state-owned oil company YPFB and aims to curb speculative activities involving cryptocurrencies and stablecoins on exchanges like Binance. YPFB President Armin Dorgathen stated that the company has never used cryptocurrencies for transactions due to the oil industry's lack of acceptance of crypto assets and the incomplete regulatory framework. Previously, there were reports that YPFB was considering using cryptocurrencies for energy payments due to foreign exchange shortages, but this executive order will eliminate such possibilities in the short term.