According to Reuters, the state energy company of South American country Bolivia, YBFB, will make payments for energy imports with cryptocurrencies.
The Central Bank of Bolivia announced last June that it had lifted the ban on Bitcoin and other cryptocurrencies.
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A spokesman for state-owned energy company YPFB said a system has been set up to pay for fuel imports with cryptocurrency after the government approved the use of digital assets to meet demand.
He said YPFB has not yet used the digital currency to purchase energy imports but plans to do so.
Bolivia, a net energy exporter for decades due to its large natural gas reserves, has become dependent on imports as local natural gas production has declined due to the lack of new gas available in large quantities.
This is not the first time that a state-owned energy company in South America has entered the cryptocurrency sector, as Argentina state company YPF also announced in 2023 that it was entering cryptocurrency mining.
Likewise, last April, Venezuela’s PDVSA announced that it was using cryptocurrencies against US oil sanctions.
This is not investment advice.