Bolivia Turns to Crypto for Energy Imports Amid US Dollar Crisis!

Jakarta, Pintu News – The Bolivian government has taken a major step by using cryptocurrencies to pay for fuel imports. This decision was taken in response to a severe US dollar shortage crisis and a decline in natural gas production in the country. Check out the full news below!

Fuel crisis forces Bolivia to innovate

According to Crypto.news, YPFB, Bolivia’s state-owned energy company, will start using cryptocurrencies to pay for fuel imports. The move came after the government approved using digital assets to purchase energy supplies.

This decision comes amid the government’s difficulty maintaining fuel subsidies due to declining foreign exchange reserves. Long queues at filling stations and scattered protests indicate that the fuel crisis is worsening.

A YPFB spokesperson told Reuters that cryptocurrency transactions will be implemented soon, emphasizing the urgency of securing energy resources despite financial constraints.

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Declining Energy Supply in Bolivia

Once a net energy exporter, Bolivia is now experiencing a decline in gas production due to the absence of major new discoveries. This has forced the country to rely on imports.

Recently, Santa Cruz in Bolivia experienced a severe diesel shortage, leading to roadblocks and threats of strikes. Farmers in Concepción and Yapacaní have protested by blocking highways, disrupting trade, and jeopardizing their summer harvest.

Public transportation operates at reduced capacity, and transportation operators gave the government a 48-hour ultimatum before starting an indefinite strike.

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Bolivia Renewable Energy Initiative

Bolivia’s Ministry of Hydrocarbons and Energy has announced plans to expand the national electricity system by 5,290 MW from 2026 to 2050. The plan prioritizes renewable energy sources such as wind, solar, hydroelectric and geothermal.

The initiative aims to improve Bolivia’s energy security, sustainability and leadership in renewable energy. A government official confirmed that while the company is not yet using digital currencies for payments, the plan is ready for implementation.

The move is expected to reduce dependence on the US dollar and strengthen the country’s economic stability.

Conclusion

Bolivia’s use of cryptocurrencies in energy import transactions marks an important step in dealing with the economic and energy crisis. With this move, Bolivia seeks to address its US dollar shortage and strengthen its energy security. Going forward, using digital assets is expected to help Bolivia maintain economic and energy stability amidst the challenges.

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Reference

• Crypto News. Bolivia to Use Crypto for Energy Imports Amid U.S. Dollar Shortage: Report. Accessed on March 14, 2025
• Featured Image: Bitcoinsensus