Yacimientos Petrolíferos Fiscales (YPF), Argentina’s state-controlled power firm, is reportedly contemplating permitting drivers to pay for gasoline and diesel with cryptocurrency, as digital property proceed to achieve traction in on a regular basis transactions throughout the nation.
The plan might depend on a third-party processor relatively than direct pockets funds, together with native and worldwide platforms reminiscent of Lemon, Ripio or Binance to deal with conversions, native information outlet La Nación reported on Tuesday, citing individuals acquainted with the matter.
The overview comes two months after YPF started accepting US greenback funds at its stations, a step that made it the nation’s first gas chain to cost and course of gross sales in US {dollars}. The coverage got here amid a broader push by Economic system Minister Luis Caputo to encourage the circulation of laborious foreign money as a manner of stabilizing transactions and restoring confidence within the peso.
If adopted, the system would mirror the mechanics YPF already makes use of for US greenback purchases, the report stated. Prospects would scan a QR code and switch funds to YPF’s account at Banco Santander, with the app displaying the peso equal and a reference price based mostly on shopping for costs from Banco Nación.
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Argentina ranks twentieth in international crypto adoption
Argentina positioned twentieth within the 2025 Global Crypto Adoption Index. The nation’s retail centralized-services rank sits at 18, whereas institutional centralized-services are available at 19, indicating rising crypto adoption by each on a regular basis customers and enormous entities in comparison with friends.
Nonetheless, regardless of rising adoption, the nation has additionally confronted some controversy over the Libra crypto scandal. In February, President Javier Milei shared a put up on X endorsing the Libra (LIBRA) memecoin, which shortly surged to a $4 billion market cap earlier than crashing by 94% hours later.
The transfer led to investor losses totaling a whole lot of tens of millions and triggered calls from opposition members for Milei’s impeachment. Nonetheless, Milei claimed he had solely “unfold the phrase” concerning the token, not promoted it.
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US-backed $20 billion Argentina bailout scrapped
In a significant blow to the nation’s dire financial state of affairs, a deliberate $20 billion rescue for Argentina involving JPMorgan Chase, Financial institution of America and Citigroup was shelved final month.
According to The Wall Road Journal, as a substitute of a sweeping bailout that had included a $20 billion US Treasury foreign money swap and a parallel bank-led facility, lenders are discussing a $5 billion repo-style mortgage. Below the proposal, Argentina would put up property to safe {dollars} to fulfill a looming $4 billion January debt cost, then refinance in bond markets to repay the banks.
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