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Bolivian State Energy Firm to Use Crypto to Pay for Imports: Reuters
YBFB hopes that using crypto will be a direct solution to the nation's shortage in U.S. dollars and foreign currency reserves.
Updated Mar 12, 2025, 2:36 p.m. Published Mar 12, 2025, 2:18 p.m.
What to know:
- Boliva's state energy firm will use crypto to pay for energy imports.
- It comes as the country grapples with a lack of foreign currency reserves and dwindling natural gas exports.
- Bolivia follows the likes of Argentina and Venezuela in using crypto for energy purchases.
Bolivia's state energy company YBFB will use cryptocurrency to pay for energy imports, according to a Reuters report.
YBFB hopes that using crypto will be a direct solution to the nation's shortage in U.S. dollars and foreign currency reserves.
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The shortage comes alongside a fuel crisis spurred by a lack of natural gas exports, which had led to scattered protests across the country, the report said.
"From now on, these (cryptocurrency) transactions will be carried out," a YPFB spokesperson told Reuters.
This is not the first time a South American state-owned energy firm has moved into crypto; in 2023 Agentina's YPF announced that it was moving into crypto mining, and last April Venezuela's PDVSA revealed that it was using cryptocurrencies to combat U.S. imposed oil sanctions.
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