Argentine state considers accepting crypto for fuel

Source: Exame
Original Title: Argentine state company considers accepting crypto for fuel
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Yacimientos Petrolíferos Fiscales (YPF), the energy company controlled by the Argentine state, is reportedly considering allowing drivers to pay for gasoline and diesel with cryptocurrencies, as crypto assets continue to gain ground in everyday transactions in the country.

The plan could rely on a third-party processor instead of direct payments through a wallet, including local and international platforms such as Lemon, Ripio, or certain exchange agents to carry out the conversions, the local outlet La Nación reported on Tuesday, citing people familiar with the matter.

The review comes two months after YPF began accepting payments in US dollars at its stations, a move that made it the country’s first fuel network to price and process sales in dollars. The policy emerged amid a broader move by Economy Minister Luis Caputo to encourage the circulation of hard currency as a way to stabilize transactions and restore confidence in the peso.

If adopted, the system would mirror the mechanics YPF already uses for dollar purchases, the report said. Customers would scan a QR code and transfer funds to YPF’s account at Banco Santander, with the app showing the equivalent in pesos and a reference rate based on Banco Nación’s purchase prices.

Argentina ranks 20th in crypto adoption

Argentina ranked 20th in the 2025 Global Crypto Adoption Index. The country’s ranking in centralized retail services is 18th, while institutional centralized services hold the 19th position, indicating growth in cryptocurrency adoption both by regular users and large entities compared to its peers.

However, despite the growing adoption, the country has also faced controversies related to the Libra cryptocurrency scandal. In February, President Javier Milei shared a post on X supporting the memecoin Libra, which quickly reached a $4 billion market value before crashing 94% just hours later.

The move led to investor losses totaling hundreds of millions and triggered impeachment calls against Milei by opposition members. However, Milei stated that he merely “shared” the token and did not promote it.

$20 billion bailout for Argentina scrapped

In a blow to the country’s delicate economic situation, a $20 billion bailout plan for Argentina involving major financial institutions was canceled last month.

According to The Wall Street Journal, instead of a broad rescue package that included a $20 billion currency swap from the US Treasury and a parallel line led by banks, lenders are discussing a $5 billion repo-style loan. Under the proposal, Argentina would offer assets as collateral to obtain dollars and pay a $4 billion debt in January, later refinancing in the bond markets to repay the banks.