Bolivia Will Use Crypto to Import Energy
Bolivia’s state energy company, YPFB, plans to use cryptocurrency for energy imports due to a critical shortage of dollars and fuel, according to statements from a company spokesperson and a government official to Reuters.
The nation faces a severe decline in foreign currency reserves following years of decreasing natural gas exports, leading to long lines at gas stations and sporadic protests.
A YPFB spokesperson confirmed that a system has been implemented to use cryptocurrency for fuel imports, following government approval to utilize digital assets to meet demand.
“These cryptocurrency transactions will now be implemented,” the spokesperson stated, noting that the new system aims to support national fuel subsidies amid the hard currency shortage.
