Bolivia approves the use of crypto as payment for fuel trade.

[Fiatless]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

Bolivia might not have a big economy, but it seems we are seeing an example of a nation that is using crypto as an alternative to the dollar.

https://www.ccn.com/news/crypto/bolivia-authorizes-state-oil-company-crypto-fuel-trade/

[Dunamisx]

Some have already said a lot about bitcoin being targeted for scam and fraud including the governments with their kind of myopic approach then, but now, people are getting more expositions about what bitcoin truly serves, why they should adopt it use and what they stand to lose if they take no action, you will discover that most of these adoptions were coming in willingly without any persuasion or being forced, because they are getting to know what they would have learnt long time ago, though it's never too late to reclaim on those opportunities with bitcoin, trust me, more are still becoming even from the governments.

[Mia Chloe]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

I don't think the government never saw the potential in Bitcoin rather it's more like a concept of them not wanting to accept it since it is not a centralized currency. The thing is the government actually prefers a currency that is centralized and can easily be regulated due to that and not the reverse.

Nevertheless it's still good news for it to have been approved as a legal tender since definitely there were people who were still using before the ban was lifted. The good thing about it is they would be less restricted and able to purchase and sell more easily.

[Davidvictorson]

Bitcoin will continue to gain widespread acceptance ultimately leading to governments who have outlawed the use of bitcoin and other crypto for transactions to rescind their decisions. In short, I would say that when the chips are down bitcoin will save the day.

Now, the government is allowing its state energy firm to use digital assets for fuel imports as crypto adoption gains momentum in the country.

While they are allowing bitcoin to be used, they should also work on strengthening their local currency.
 

[sokani]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

It's just so funny how some of these crypto hostile nations condemn crypto but the moment they find themselves in a ditch, they resort to it. Iran banned crypto but used it to circumvent western sanctions. Bolivia banned crypto but used it to import fuel amid dollar shortage, and who said crypto is not their saviour?

Nevertheless it's still good news for it to have been approved as a legal tender since definitely there were people who were still using before the ban was lifted. The good thing about it is they would be less restricted and able to purchase and sell more easily.

No, Bitcoin is still not a legal tender in Bolivia. The shortage of dollars prompted the government to lift the ban on crypto in order to facilitate the import of fuel.

[Ojima-ojo]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

Bolivia might not have a big economy, but it seems we are seeing an example of a nation that is using crypto as an alternative to the dollar.

https://www.ccn.com/news/crypto/bolivia-authorizes-state-oil-company-crypto-fuel-trade/

When we say cryptocurrencies like Bitcoin are alternatives to the Fiat financial system, most governments at early stages misunderstood this and now reality is beginning to open up things for everyone to see, and this trade deal involving cryptocurrency is a sign and a chance to see how important Bitcoin can be as a mode of payment most especially in a large cross border deals such as fuels.


Both the internal and external economy in that country is going to witness a shift from the third-party red tappism practice of the centralized financial system like banks and the rest.

[BlackBoss_]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

Bolivia might not have a big economy, but it seems we are seeing an example of a nation that is using crypto as an alternative to the dollar.

Sounds like Bolivia have big economic issues and they want to try temporary alternative solutions with Bitcoin and cryptocurrency payments. From temporary solutions, it can become a long term payment method in the nation too.

I am unsure whether Bolivia got any sanction so that they have big problems like dollar shortage in their country.

Bolivia is one of few countries, still marks Bitcoin is Illegal according to these following maps. With the latest change in Bolivia, they need to update their maps for Bolivia.
https://newhedge.io/bitcoin/legality-map
https://coin.dance/poli/legality
https://www.atlanticcouncil.org/programs/geoeconomics-center/cryptoregulationtracker/

[moneystery]

it is a real example of how a country can use bitcoin and cryptocurrency to solve their foreign transaction problems. they no longer need to tire themselves out adding more dollar reserves just to import oil, they only use cryptocurrency for energy payments, and they can secure fuel supplies and avert further economic instability.

[Lucius]

Does this news have anything or nothing to do with Bitcoin? Even if there are crypto transactions in fuel/oil trading, does anyone think they will be BTC transactions?

What the OP did not quote from the article is one very indicative fact, which is that something other than BTC is popular in that country.

Following the ban’s removal, crypto trading surged. Bolivia’s central bank reported a 105% increase in average monthly crypto trading between July and September 2024, reaching a total of $48.6 million in three months—surpassing the previous six months combined.

According to a Sept. 26 report from Banco Central de Bolivia (BCB), stablecoins dominated these transactions, reflecting a growing preference for digital assets as a hedge against economic uncertainty.

[hyudien]

Bolivia has been implementing a cryptocurrency ban for almost a decade and now they are starting to realize that in this era of super-fast transactions, transactions are a crucial point in economic progress. As the second poorest country in the US, Bolivia must be able to get out of this threat zone, the policy of the Bolivian Central Bank is very important because their only largest foreign exchange is in the gas sector by offering cryptocurrency payment options will boost their economic growth a little.

[bittraffic]

So they just recently changed their policy because of the economic crisis. I'm not sure sure how this news carry truth but sure, its a good news where a company trades using crypto. Because these are exportation, this is mostly going to be stablecoin which is understandably the best option.

It should be allowed to all businesses one day where not just the state owned businesses that can facilitate crypto transactions in international trades.

[gunhell16]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

Bolivia might not have a big economy, but it seems we are seeing an example of a nation that is using crypto as an alternative to the dollar.

https://www.ccn.com/news/crypto/bolivia-authorizes-state-oil-company-crypto-fuel-trade/

It's a good step they took, because they can also be a way for other business partners or clients in their business to be aware of cryptocurrency. And these events that company owners are doing about the adoption of bitcoin and other cryptocurrencies may also be because they really see a good future for it, so they themselves decided to take this step.

And besides that, they will now see how convenient it is to use bitcoin as a payment option in businesses or companies that an individual business owner has.
And not only that, but also for ordinary people, they will see it gradually in the coming times.

[osasshem]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

Bolivia might not have a big economy, but it seems we are seeing an example of a nation that is using crypto as an alternative to the dollar.

https://www.ccn.com/news/crypto/bolivia-authorizes-state-oil-company-crypto-fuel-trade/

This is a good news in the crypto community and more of these will keep coming as time goes on. Bolivia might not have much impact to make as a country to the crypto industry, though with this step, there's boldness in Bitcoin. Their business partners will see and get to know about Bitcoin and cryptocurrency.

[dzungmobile]

So they just recently changed their policy because of the economic crisis. I'm not sure sure how this news carry truth but sure, its a good news where a company trades using crypto. Because these are exportation, this is mostly going to be stablecoin which is understandably the best option

Unfortunately their economic crisis won't be resolved by Bitcoin that is only a heal of their economic pain. A national crisis must be resolved by governments and resources they have in the country, not by a decentralized project and blockchain like Bitcoin.

I love Bitcoin but it's not a mission of Bitcoin to achieve on behalf of any governmnet or country.

[Mrbluntzy]

It was an approval for crypto transactions, they didn't specifically labeled Bitcoin as the main crypto use in their crypto transactions that skyrocketed. For the other country like El Salvador which started using crypto, they made it known that they approved of Bitcoin as legal tender. Let Bolivia try to utilize more of Bitcoin than stable coins.

[Ruttoshi]

With passage of time, we will see more countries adopting Bitcoin as an alternative means of payment. Bolivia did the best thing to use crypto in order to reduce the too much dependant on dollar. Countries with poor economy are the ones seeing bitcoin as a good alternative for payments of goods and services.


It's good to see that government who reject crypto are now seeing the importance and benefits in cryptocurrency.

[BIT-BENDER]

Due to shortage in dollars Bolivia has approved the use of cryptocurrencies to pay for imported fuel. Bolivia lifted the ban on Bitcoin last year and now the country has seen the importance of the currency. The state owned oil company
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has put infrastructure in place to facilitate crypto payments.

Bolivia might not have a big economy, but it seems we are seeing an example of a nation that is using crypto as an alternative to the dollar.

https://www.ccn.com/news/crypto/bolivia-authorizes-state-oil-company-crypto-fuel-trade/

Good for Bolivia. It's good to see that Bitcoin is helping countries out especially with the uncertainty of so many countries Fiat. This is a very good example of how Bitcoin can come in handy for nations across the world.
I think other countries whose Fiat is currently unstable can also tap into this opportunity and start making use of Bitcoin just like Bolivia did.

[Fiatless]

Does this news have anything or nothing to do with Bitcoin? Even if there are crypto transactions in fuel/oil trading, does anyone think they will be BTC transactions?

What the OP did not quote from the article is one very indicative fact, which is that something other than BTC is popular in that country.

Following the ban’s removal, crypto trading surged. Bolivia’s central bank reported a 105% increase in average monthly crypto trading between July and September 2024, reaching a total of $48.6 million in three months—surpassing the previous six months combined.

According to a Sept. 26 report from Banco Central de Bolivia (BCB), stablecoins dominated these transactions, reflecting a growing preference for digital assets as a hedge against economic uncertainty.

This thread would have been moved to the altcoins section if the Bolivian government had specified that stablecoins would be used for fuel import payments. The news said YPFB will be using cryptocurrencies.

Even if stablecoins is popularly used in Bolivia, how are we sure that other countries will accept it as payments. It is possible that some countries might demand Bitcoin as a means of payment. At this time, when some countries are discussing setting up Bitcoin reserves, exports could be a means of accumulating Bitcoin.

We shouldn't totally conclude that Bitcoin wouldn't be used because we don't know.

[notocactus]

Even if stablecoins is popularly used in Bolivia, how are we sure that other countries will accept it as payments. It is possible that some countries might demand Bitcoin as a means of payment. At this time, when some countries are discussing setting up Bitcoin reserves, exports could be a means of accumulating Bitcoin.

They will more likely prefer stable coins than Bitcoin if they are not investors.

Stablecoins can be safe or unsafe, depends on their view too but if stablecoins are safe, don't lose their pegs to dollar, they are good and with many people, better than Bitcoin.

Read it right that I don't say stable coins are better than Bitcoin, but with merchants, small business or governments, perhaps they see stable coins are better because of very small volatility. Except in cases of stable coin depegs like Terra stable coin UST.

[nakamura12]

With what they have done may cause others to also do the same thing which accept Bitcoin as other mode of payment which is good for bitcoin network. If bolivia unbanned bitcoin is good news for the people who live there but the government there could state that they have a specific crypto that they want to use with the transactions like stable coins for example which will make their decision much stronger in using stable coins since it has low volatility compared to other crypto.