Survey encryption? The Polivia Energy Company plans payments in digital assets

Survey encryption? The Polivia Energy Company plans payments in digital assets

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Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), state -owned energy company in Bolivia, chose to benefit Encryption For fuel imports. The country is currently wrestling with US dollars shortages and the ongoing fuel crisis, which has led to long lines at fuel stations.

The fuel crisis and the dollar deficiency

Bolivia It faces financial difficulties due to low natural gas exports, which once was a major source of foreign currency. Make a decrease in US dollar reserves difficult to pay for imported fuel. As a result, fuel deficiency was a source of public discontent and demonstrations in Bolivia.

The government agreed to YPFB Using encryption to buy gasoline Supplies. The company has not implemented any yet, although it has a license to do transactions using digital assets.

Encryption

The way YPFB is consistent with digital currency payments with an increasing trend in other South American countries. Countries such as Venezuela and Argentina use digital assets to overcome financial borders and make international trade possible. Bolivia’s decision must maintain the government’s fuel support program, although it does not have much money.

BTCUSD trading at $82,090 on the daily chart: TradingView.com

Bit for Bitcoin

The central bank in Bolivia banned bitcoin and other cryptocurrencies until June 2024, citing economic conflicts and align with regional regulations. However, the ban was lifted with the acquisition of global acceptance encoding, with countries such as El Salvador, Argentina, Brazil and Mexico that it adopted earlier.

Source: Geographic Guide

YPFB did not completely reveal anything Cross currencies She wants to use them, but officials believe that digital assets may be a good way to make across border payments. The lack of money makes traditional transactions gradually difficult. Bolivia may have a different payment option thanks to the cryptocurrencies that allow it to continue to import gas.

An image rendering of an oil field in Bolivia. Source: Gemini Imagen.

Impact in the field of energy

Bolivia’s financial problems have worsened because the nation relies heavily on imported oil. Current currencies can help maintain stable energy supplies by giving people a new way to pay things from other countries. However, it is not clear how successful this method is to solve the biggest economic problems that are played.

Meanwhile, encryption payments may constitute legal problems and volatility, as experts say. Despite their concerns, the government believes that this is important to secure oil supplies. Bolivia’s approach can inspire other countries with financial issues if its plan is working.

Distinctive image from Gemini Imagen, the tradingvief chart

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