Bolivia's YPFB to Use Crypto for Energy Imports Amidst Currency Shortage

Bolivia's state-owned energy firm, YPFB, plans to use cryptocurrency for energy imports, according to a *Reuters* report on March 13. This decision addresses the nation's dwindling foreign currency reserves and gas production. A YPFB spokesperson confirmed a system is in place following government approval for digital assets to meet demand, though the specific cryptocurrency remains undisclosed. Bolivia's fuel shortage has sparked protests, impacting public transport and harvests. The new system aims to support national fuel subsidies. Bolivia's central bank lifted its ban on Bitcoin and crypto payments in June 2024, allowing financial institutions to transact with digital assets. September 2024 saw a 100% rise in virtual asset trading, with $15.6 million traded monthly between July and September, largely in stablecoins. Banco Bisa introduced a stablecoin custody service in October 2024, enabling residents to trade Tether's USDt.