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

[stadus]

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.

This is definitely big news because countries are no longer fully reliant on the USD, especially now that Bitcoin is accepted worldwide. If countries like Russia are already using crypto to bypass sanctions, then other countries can do the same (even if they are not sanction) as long as they have exchanges where Bitcoin and crypto can be traded. This is a great development since crypto is gradually gaining more power, and it’s now being used for major international transactions.

[Franctoshi]

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.

You think the government don't understand Bitcoin even more than you do? I doubt.
The Government has all it takes, the resources to deploy experts to study and understand Bitcoin and cryptocurrency which I believe they must have done, and have got to know it a threat to centralisation, the old Fiat monetary system of control, they are very much aware they can't control Bitcoin hence they paint it bad and tag it means of money laundering and way to promote fraudulent activities on the cyber space, and shading away it potentials so people would lose interest.

Now they have few option to totally stop people from using Bitcoin and cryptocurrency, Now they are exploring ways to gain control by approving ETFS, so that they can buy larger portions of it through Blackrock and many other institutions, but forgotten that the mistake they did initially at it was lunched was to embrace it, now when they buy Bitcoin they enrich the early adopters as price increases.

[Fiatless]

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.

This is definitely big news because countries are no longer fully reliant on the USD, especially now that Bitcoin is accepted worldwide. If countries like Russia are already using crypto to bypass sanctions, then other countries can do the same (even if they are not sanction) as long as they have exchanges where Bitcoin and crypto can be traded. This is a great development since crypto is gradually gaining more power, and it’s now being used for major international transactions.

Before now, most countries relied only on the US dollar to engage in international trade. They will have to source for dollars through different means and sometimes through expensive middlemen for them to access the currency. Cryptocurrencies are now becoming a popular alternative to the dollar. If more countries begin to adopt Bitcoin for import and export payments, the US grip on the international payment system will decline gradually.

[bangjoe]

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 still early days, we will see more countries becoming more friendly towards bitcoin, because they finally realize the shortcomings of FIAT and it becomes the best alternative when the weaknesses are covered as a need for the latest transaction operations using bitcoin.

Maybe we will be more proud if 50% of the countries in the world will eventually list bitcoin as a strategic reserve fund or make bitcoin a more advanced transaction alternative in the future, and yes at that time I think Satoshi will smile very widely because his discovery finally gets great benefits for modern human civilization.

[Bellerophon1990]

The fact that we can use Bitcoin in Bolivia to pay for fuel is not indicative of a global trend, in my opinion.

Inflation and uncertainty about the value of national currency are major sources of distrust in Latin America, and people would be happier to accept anything (US $ or other reliable foreign currencies alike) but their own national currency.

We'll see how this whole thing unravel in the rest of the world.

[Nwada001]

This is definitely big news because countries are no longer fully reliant on the USD, especially now that Bitcoin is accepted worldwide. If countries like Russia are already using crypto to bypass sanctions, then other countries can do the same (even if they are not sanction) as long as they have exchanges where Bitcoin and crypto can be traded. This is a great development since crypto is gradually gaining more power, and it’s now being used for major international transactions.

Before now, most countries relied only on the US dollar to engage in international trade. They will have to source for dollars through different means and sometimes through expensive middlemen for them to access the currency. Cryptocurrencies are now becoming a popular alternative to the dollar. If more countries begin to adopt Bitcoin for import and export payments, the US grip on the international payment system will decline gradually.

In time to come, more countries will come up to that idea, as there is already a sign out there that most countries want to get themselves off the stress of depending only on the US dollar for international trade, but cryptocurrency is what they might consider using, just like Russia, but not Bitcoin in particular.

Some traders fear using Bitcoin for large deals, not because it can't accommodate it, It's because of its volatile nature; since it's not what they are accumulating for later use but for trade purposes, they will likely use something that is more stable, which will drag them to using a stable coin (even when it's entirely not stable and can depegged), but still that appears to be a safe option for most countries.

[Fiatless]

The fact that we can use Bitcoin in Bolivia to pay for fuel is not indicative of a global trend, in my opinion.

The news is not that Bolivia approved the use of Bitcoin to pay for fuel. Due to the scarcity of dollars and the fall in domestic gas production, the country is considering importing fuel using cryptocurrencies as payment. It means that they would seal fuel import deals with cryptos.

[Mia Chloe]

You think the government don't understand Bitcoin even more than you do? I doubt.
The Government has all it takes, the resources to deploy experts to study and understand Bitcoin and cryptocurrency which I believe they must have done, and have got to know it a threat to centralisation, the old Fiat monetary system of control, they are very much aware they can't control Bitcoin hence they paint it bad and tag it means of money laundering and way to promote fraudulent activities on the cyber space, and shading away it potentials so people would lose interest.

Yikes..  at first when I saw your post I was thinking maybe this your particular idea and context was something I debated against in my own reply hence the quotes. However I discover that we are both on the same page. Like I said earlier on the government knows every thing about bitcoin just like you said they have enough expertise to be able to determine these facts which are even obvious.

Basically one of the reasons why I believe the government hadn't yet implemented some certain things including bitcoin reserves which has become the gist of the day is centralization. It's acceptable that allowing bitcoin as a payment method would also bring vulnerabilities but it is still a good step.

[cabron]

You think the government don't understand Bitcoin even more than you do? I doubt.
The Government has all it takes, the resources to deploy experts to study and understand Bitcoin and cryptocurrency which I believe they must have done, and have got to know it a threat to centralisation, the old Fiat monetary system of control, they are very much aware they can't control Bitcoin hence they paint it bad and tag it means of money laundering and way to promote fraudulent activities on the cyber space, and shading away it potentials so people would lose interest.

Yikes..  at first when I saw your post I was thinking maybe this your particular idea and context was something I debated against in my own reply hence the quotes. However I discover that we are both on the same page. Like I said earlier on the government knows every thing about bitcoin just like you said they have enough expertise to be able to determine these facts which are even obvious.

Basically one of the reasons why I believe the government hadn't yet implemented some certain things including bitcoin reserves which has become the gist of the day is centralization. It's acceptable that allowing bitcoin as a payment method would also bring vulnerabilities but it is still a good step.

There was a post Ive read days ago about Bolivia developing blockchain base payment system of their own. Surprising to see they are diving into crypto now but 4 years ago they have banned crypto but now government itself is allowing a company to make international transaction base on crypto.

Weird days are coming but ye I remember they are also one of the countries that sided with BRICS. Bitcoin should be their first instead and acquire a Bitcoin strategic reserves as well.

[JiiBs]

There was a post Ive read days ago about Bolivia developing blockchain base payment system of their own. Surprising to see they are diving into crypto now but 4 years ago they have banned crypto but now government itself is allowing a company to make international transaction base on crypto.

Weird days are coming but ye I remember they are also one of the countries that sided with BRICS. Bitcoin should be their first instead and acquire a Bitcoin strategic reserves as well.

It’s not surprising what comes out of different nations with regards to Bitcoin and cryptocurrencies these days. It’s obvious that, the rest of the world were just looking to see what step the US is going to take and then copy that to use in fixing the economy of their nation. They really aren’t into doing the work but, wants most of the work done for them, that’s the way I see it. The good thing is that, it’s all playing well for Bitcoin and cryptocurrencies at large.

Means of payment for fuel trade, that’s got to be some means towards building a portfolio.

[Lucius]

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.

Emphasis mine.
"second poorest country in the US"? Um, Bolivia in not part of the US and in fact, entirely wrong continent & hemisphere....

Someone may have confused Panama and Bolivia, or simply doesn't know the difference between North and South America. Given that the Mighty Dony is spouting some new nonsense every day, maybe Bolivia will also take its turn as a country of strategic importance for the US

[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.

Emphasis mine.
"second poorest country in the US"? Um, Bolivia in not part of the US and in fact, entirely wrong continent & hemisphere....

Someone may have confused Panama and Bolivia, or simply doesn't know the difference between North and South America. Given that the Mighty Dony is spouting some new nonsense every day, maybe Bolivia will also take its turn as a country of strategic importance for the US

In my native language AS (Amerika Selatan/South America) but I forgot that when using Translate -> English  "AS" it will become "US" (surely in your meaning United States). And just to confirm so that there is no misunderstanding because I read the source from binance in my local language can be seen from here https://www.binance.com/id/square/post/10874359634106

I hope that provides a little clarity  

[arabspaceship123]

In the past it's been talked about using euros for oil purchases now they're talking about crypto. It's a business decision for America they doesn't want countries to use crypto for oil trading. For years they've forced the world to buy & sell oil using American dollars so they won't support Bolivia.

[btc78]

It’s not surprising what comes out of different nations with regards to Bitcoin and cryptocurrencies these days. It’s obvious that, the rest of the world were just looking to see what step the US is going to take and then copy that to use in fixing the economy of their nation.

us is a very powerful nation

it is known that if they try something out or they release something most likely a lot of counties would wanna try and copy the us so now that they see the us has adapted to bitcoin they are not gonna want to be left behind whilst all other countries also try to catch up

[NotATether]

They had Bitcoin banned in the first place?

That is not something I remember hearing.

In any case, I wonder in exactly what crypto they want the stuff to be bought with. USDT maybe? I've heard stories of small businesses sending international payments to suppliers in that crypto...

[Redley555]

These are the kind of news i like seeing. Bitcoin going way up

[kryptqnick]

I didn't understand initially why Bolivia did fuel imports, but I get it after reading the op's article: Bolivia has a fuel crisis. I also wanted to know where it gets its fuel from, and, as for 2024, the biggest suppliers were Argentina, Paraguay, and Russia.
Argentina is Bitcoin-friendly, Russia allows using cryptos for cross-border transactions (although I find it unfortunate that Bolivia is trading with Russia), so this infrastructure might actually work.

[arabspaceship123]

Bolivia's an independent country they've got to do what's best for their ppl. They're thinking about the future so they're using crypto. How's it going to affect their relations with America because they want oil sold in dollars.