The parallel dollar skyrockets to Bs 12 amid fuel shortages in Bolivia | Dólar paralelo se dispara a Bs 12 en medio de la escasez de combustible en Bolivia

By Unitel, Eju.tv:

The USTD, the digital asset used as a reference by the Central Bank, recorded a significant increase in the last 24 hours.

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The parallel dollar reached Bs 12 per unit this Wednesday, March 12, according to reports from digital wallets operating with crypto assets.

This increase comes amid the crisis caused by the fuel shortage affecting the country’s main cities.

The USDT, a digital asset used as a reference by the Central Bank of Bolivia, hit Bs 12 at 11:38 a.m. this Wednesday, according to public data from the Binance P2P wallet.

On this platform, the dollar was trading at Bs 11.52 on Tuesday, March 11, according to its records.

Economist Gonzalo Chávez explained that the government’s recent decision to authorize YPFB to acquire dollars in the crypto asset market could drive up the exchange rate in the parallel market.

“YPFB is becoming a street money changer. It’s not selling dollars but is desperately looking for them in the black market. What will happen? Since it is a big player, the dollar prices will rise significantly in the black market,” Chávez stated.

The central government issued Supreme Decree 5348 on Tuesday, authorizing Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) to acquire foreign currency from the public banking entity and other financial institutions. Additionally, it allows operations with “virtual assets” to ensure the supply of fuel in the domestic market.

The government’s measure is based on Decree 5301, which authorizes state-owned companies to purchase virtual assets for currency exchange, using them to meet contractual obligations, considering that virtual assets serve as an alternative payment mechanism.

“The additional financial costs and expenses incurred by YPFB (…) must be incorporated by the Ministry of Hydrocarbons and Energy or the National Hydrocarbons Agency (ANH), as applicable, in determining the subsidy for crude oil, diesel, and inputs and additives for obtaining base and/or special gasoline, according to the applicable regulations,” the decree adds.

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