Bolivia's YPFB to Use Cryptocurrency for Energy Imports Amid Diesel Supply Crisis and Dollar Shortages

Bolivia is facing a severe fuel supply crisis, particularly in diesel, exacerbated by rising international oil prices and a shortage of U.S. dollars for imports. The state-owned energy company, YPFB, has announced it will utilize cryptocurrency to pay for energy imports, following government approval. This decision comes as the country grapples with declining natural gas exports and dwindling foreign currency reserves. President Luis Arce's administration is implementing urgent measures to address the fuel shortages, which have led to widespread protests and long lines at gas stations. The government has also introduced a policy converting U.S. dollar savings deposits into bolivianos to manage the ongoing dollar shortage. YPFB's spokesperson confirmed the company's strategy to facilitate cryptocurrency transactions as part of its efforts to stabilize the energy supply.