Bolivia’s state energy company, YPFB, will utilize cryptocurrency to pay for energy imports amid a severe shortage of dollars and fuel, as reported by a company spokesperson and a government official to Reuters on Wednesday.
The country faces a significant decline in foreign currency reserves due to reduced natural gas exports, leading to a fuel crisis marked by long lines at gas stations and sporadic protests.
A YPFB spokesperson confirmed that a system has been established to use cryptocurrency for fuel imports following government approval to employ digital assets to meet demand.
“These cryptocurrency transactions will now be implemented,” the spokesperson stated, noting that the new system is designed to support national fuel subsidies amid the hard currency shortfall.
