The state-owned energy firm of Bolivia, YBFB, plans to utilize cryptocurrency to finance energy imports, as reported by Reuters.
The organization aims to address the country’s challenges related to a dwindling supply of U.S. dollars and foreign currency reserves through these transactions.
This financial struggle coincides with a fuel crisis due to decreased natural gas exports, triggering various protests throughout the nation.
“Moving forward, these (cryptocurrency) transactions will be executed,” stated a spokesperson from YPFB.
This isn’t the first instance of a government-owned energy company in South America exploring cryptocurrency; in 2023, Argentina’s YPF made announcements about venturing into crypto mining, while Venezuela’s PDVSA disclosed its use of cryptocurrencies in response to oil sanctions imposed by the U.S. last April.