The Ministry of Trade and Imports in Bolivia has refused a proposal supported by the government to utilize cryptocurrency for importing fuel, which marks a significant shift in policy direction. This decision indicates a step back from the previous efforts to implement digital currencies as a solution to the scarcity of US dollars for imports.

Originally introduced by Bolivia's state-owned energy company YPFB in March, the plan aimed to leverage cryptocurrency for securing fuel imports in response to the shortages of both US dollars and refined fuel. Although the proposal had received initial government approval, the Director of Trade and Imports, Marcos Duran, clarified in a statement that YPFB is not allowed to engage in international transactions using cryptocurrency.

Duran emphasized that YPFB must utilize Bolivia's own resources and conduct financial transactions based on the US dollar. This change in stance has been labeled as a sudden reversal in the country's crypto policy by Mathew Sigel, the Head of digital assets at VanEck.