Bolivia bans state oil company from using cryptocurrencies for energy purchases

according to Bitcoin.com, Bolivian President Luis Arce signed an executive order prohibiting the use of cryptocurrencies for energy procurement settlements. The order was issued on May 23 and primarily targets the state-owned oil company YPFB, aiming to curb the speculation of cryptocurrencies and stablecoins on exchanges like Binance. YPFB President Armin Dorgathen stated that the company has never used cryptocurrencies for transactions before, citing reasons such as the lack of acceptance of cryptocurrencies in the oil industry and the incomplete regulatory framework. Previous reports suggested that YPFB was considering using cryptocurrencies for energy payments due to foreign exchange shortages, but this executive order will put an end to this possibility in the short term.