Bolivia prohibits state-owned oil companies from using cryptocurrency for energy procurement

ChainCatcher news, according to Bitcoin.com, Bolivian President Luis Arce signed an executive order on May 23, prohibiting the state-owned oil company YPFB from using cryptocurrency for energy procurement settlements. YPFB President Armin Dorgathen stated that the company has never used cryptocurrency for transactions, mainly because the oil industry has not yet accepted cryptocurrency and the regulatory framework is inadequate.

Previous report, Bolivia's state energy company YPFB will use cryptocurrency to pay for energy import costs.