Bolivia's state energy company YPFB announced plans to use cryptocurrencies for energy import payments, a new step following the June lifting of the Bitcoin ban.
Cryptocurrencies in Bolivia's Energy Sector
According to Reuters, Bolivia's state energy company YPFB plans to utilize cryptocurrencies for energy purchase payments. This was made possible after the government authorized the use of digital assets. Although YPFB hasn't used cryptocurrency for this yet, plans are underway.
Initiatives in Other South American Countries
Bolivia is not the only South American country interested in using cryptocurrencies in state energy sectors. In 2023, Argentina's YPF began adopting cryptocurrencies. In April this year, Venezuela's PDVSA announced the use of cryptocurrencies against US oil sanctions.
Bolivia's Future Plans for Cryptocurrency Use
Once a net energy exporter due to its substantial natural gas reserves, Bolivia now relies on imports due to declining local production. The introduction of cryptocurrencies aims to boost operational efficiency and adapt to the global energy market changes.
The use of cryptocurrencies in Bolivia's energy sector marks a significant shift in the country's economic policy. By following the example of neighboring countries, Bolivia aims to adapt to modern conditions and implement advanced technologies to maintain economic resilience.
