Bolivian authorities will buy imported fuel for cryptocurrency

The government of the country has approved the use of digital assets to purchase energy resources, Reuters reported.

From now on, the Bolivian state energy company YPFB will start paying with cryptocurrency for fuel imports from other countries. Bolivian authorities were forced to make this decision due to a serious shortage of US dollars and a significant reduction in natural gas production.

The latest incident caused long lines at gas stations, as well as protests from drivers and farmers who were unhappy with the lack of diesel fuel. Public transportation experienced disruptions, after which transportation companies initiated an indefinite strike.

From now on, we will use cryptocurrency to purchase energy resources," a YPFB spokesperson told Reuters.

Bolivian authorities themselves recently exported energy resources. However, due to the lack of large new deposits, the country was forced to reduce gas production and now relies almost entirely on imports.

In addition, the Ministry of Hydrocarbons and Energy announced a plan to expand the national energy system by 5290 MW from 2026 to 2050 with a focus on renewable energy sources such as wind, solar, hydro, and geothermal energy.

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