Bolivia Will Pay Energy Imports with Crypto

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Bolivia’s state-owned energy company, YPFB, plans to use cryptocurrency for energy imports, as reported by Reuters on March 13.

This decision arises from Bolivia’s declining foreign currency reserves and reduced domestic gas production.

A YPFB spokesperson confirmed that a system is ready to facilitate energy purchases with cryptocurrency, following government approval to use digital assets to meet energy demands.

While the system hasn’t been utilized yet, YPFB intends to implement it soon.

The report doesn’t specify which cryptocurrency will be employed. Although stablecoins—digital assets tied to fiat currencies—are commonly used for international transactions, it remains unclear if Bolivia will follow this approach.