Bolivia's State Energy Firm to Use Crypto for Import Payments Amid Dollar Shortage

Bolivia's state energy company, YPFB, announced it will use cryptocurrency to pay for energy imports, addressing the nation's shortage of U.S. dollars and foreign currency reserves, according to a Reuters report. This decision follows a fuel crisis caused by declining natural gas exports, which led to protests across the country. A YPFB spokesperson confirmed that cryptocurrency transactions will now be implemented. This move aligns Bolivia with other South American nations like Argentina and Venezuela, which have also adopted crypto solutions for energy-related transactions. Argentina's YPF began crypto mining in 2023, and Venezuela's PDVSA has been using cryptocurrencies to circumvent U.S. oil sanctions since April.