Bolivia to use crypto for energy imports amid U.S. dollar shortage: report

Bolivia’s state energy company, YPFB, will begin to use crypto to pay fuel imports, because the country is struggling with a serious shortage of US dollars and by reducing natural gas production.

The decision follows the government’s approval to use digital assets to buy energy supplies, because Bolivia is struggling to maintain fuel subsidies in a drop in currency reserves, according to Reuters statement.

The movement is available as long lines in service stations and dispersed manifestations highlight the fuel crisis in worsening.

“From now on, these transactions (cryptocurrency) will be carried out,” a spokesperson for the YPFB told Reuters, stressing the urgency to secure energy resources despite financial constraints.

The Bolivia declining energy supply

Once an exporter of net energy, Bolivia has seen its production of gas decrease due to a lack of major new discoveries, forcing it to count on imports.

Santa Cruz, Bolivia, recently facing A serious diesel shortage, resulting in blockages and threats of strike. The farmers of Conceptción and Yapacaní protested by blocking the highways, disturbing trade and endangering their summer harvest.

Public transport has operated to a reduced capacity, and the transport operators gave the government an ultimatum of 48 hours before launching an indefinite strike.

Ministry of Hydrocarbons and Energy of Bolivia announcement A plan to extend the national electricity system from 5,290 MW from 2026 to 2050, prioritizing renewable energy sources such as wind, solar, hydroelectric and geothermal energy.

This initiative aims to improve energy security, sustainability and leadership of Bolivia in renewable energies.

A government official has confirmed that even if the company has not yet used digital currencies for payments, plans are in place to do so.