Argentina’s state oil company, YPF, is reportedly exploring crypto payments at its fuel stations as adoption of digital assets rises, following the recent rollout of US dollar transactions.
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Yacimientos Petrolíferos Fiscales (YPF), Argentina’s state-controlled energy company, is reportedly considering allowing drivers to pay for gasoline and diesel with cryptocurrency, as digital assets continue to gain traction in everyday transactions across the country.
The plan could rely on a third-party processor rather than direct wallet payments, including local and international platforms such as Lemon, Ripio or Binance to handle conversions, local news outlet La Nación on Tuesday, citing people familiar with the matter.
The review comes two months after YPF began accepting US dollar payments at its stations, a step that made it the country’s first fuel chain to price and process sales in US dollars. The policy came amid a broader push by Economy Minister Luis Caputo to encourage the circulation of hard currency as a way of stabilizing transactions and restoring confidence in the peso.
If adopted, the system would mirror the mechanics YPF already uses for US dollar purchases, the report said. Customers would scan a QR code and transfer funds to YPF’s account at Banco Santander, with the app displaying the peso equivalent and a reference rate based on buying prices from Banco Nación.
Related:
Argentina ranks 20th in global crypto adoption
Argentina placed 20th in the . The country’s retail centralized-services rank sits at 18, while institutional centralized-services come in at 19, indicating growing crypto adoption by both everyday users and large entities compared to peers.
However, despite growing adoption, the country has also faced some controversy over the Libra crypto scandal. In February, President Javier Milei shared a post on X endorsing the Libra (LIBRA) memecoin, which quickly surged to a $4 billion market cap before .
The move led to investor losses totaling hundreds of millions and triggered calls from opposition members for Milei’s impeachment. However, Milei claimed he had only “spread the word” about the token, .
Related:
US-backed $20 billion Argentina bailout scrapped
In a major blow to the country’s dire economic situation, a planned $20 billion rescue for Argentina involving JPMorgan Chase, Bank of America and Citigroup was shelved last month.
to The Wall Street Journal, instead of a sweeping bailout that had included a $20 billion US Treasury currency swap and a parallel bank-led facility, lenders are discussing a $5 billion repo-style loan. Under the proposal, Argentina would post assets to secure dollars to meet a looming $4 billion January debt payment, then refinance in bond markets to repay the banks.
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