Yacimientos Petrolíferos Fiscales (YPF), Argentina’s state-owned energy firm, is reportedly exploring the option for drivers to purchase gasoline and diesel using cryptocurrency, as digital assets continue to gain popularity in everyday transactions across the nation.
The initiative might rely on a third-party processor instead of direct wallet transactions, utilizing local and international platforms like Lemon, Ripio, or Binance for handling conversions, as reported by local news outlet La Nación on Tuesday, citing sources familiar with the situation.
This review follows YPF’s two-month-old policy of accepting US dollar payments at its stations, making it the first fuel chain in the country to set prices and process sales in US dollars. This move is part of a broader initiative by Economy Minister Luis Caputo to promote the use of hard currency as a means to stabilize transactions and restore confidence in the peso.
If implemented, the system would function similarly to YPF’s current process for US dollar transactions, according to the report. Customers would scan a QR code and send funds to YPF’s account at Banco Santander, with the app showing the peso equivalent and a reference rate based on purchasing prices from Banco Nación.
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Argentina ranks 20th in global crypto adoption
Argentina earned the 20th spot in the 2025 Global Crypto Adoption Index. The country’s rank for retail centralized services stands at 18, while institutional centralized services rank at 19, indicating increasing crypto adoption by both regular users and large organizations compared to peers.
Despite rising adoption, the country has faced controversy surrounding the Libra crypto incident. In February, President Javier Milei shared a post on X supporting the Libra (LIBRA) memecoin, which quickly soared to a $4 billion market cap before plummeting by 94% within hours.
This led to investor losses amounting to hundreds of millions and spurred calls from opposition members for Milei’s impeachment. However, Milei claimed he merely “spread the word” about the token, and did not promote it.
Related: Argentina turns up the heat in Libra scandal with sweeping asset freeze
US-backed $20 billion Argentina bailout scrapped
In a significant setback for the country’s challenging economic condition, a proposed $20 billion rescue plan for Argentina involving JPMorgan Chase, Bank of America, and Citigroup was put on hold last month.
According to The Wall Street Journal, instead of a comprehensive bailout that had included a $20 billion US Treasury currency swap and a corresponding bank-led facility, lenders are now contemplating a $5 billion repo-style loan. Under this proposal, Argentina would post assets to secure dollars to meet a looming $4 billion debt payment in January, then refinance in bond markets to repay the banks.
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