Amid the energy crisis that Bolivia is passing through and the resulting fuel shortage, the provincial Bolivian fiscal oil deposit (YPFB) decides to use cryptocurrency to pay for imported fuel. The measure is about to face a shortage of dollars that restrict imports.
The company’s source of information that revealed the system was launched to Reuters Use Crypto Active to purchase fuel abroad. “From now on, these transactions (cryptocurrency) will be carried out,” the source said.
According to the same source, the new purchasing system is designed to support national subsidies for Bolivian fuels. This addresses the lack of currency that affects the country.
The initial fuel negotiations paid in cryptocurrency have not yet been completed, Trade is imminent. The plan will be stimulated after the Lewis Earth government is approved to use digital assets and meet domestic demand.
Bolivia is facing a powerful energy crisis that has created fuel lines in several regions. At the same time, the currency is reserved Exports have fallen after years of decline Natural gas.
EFE Agency reports say people point to them They wait for hours in a few blocks of queue Fill the tanks of the vehicle. Many gas stations are closed, but other gas stations sell fuel in a limited way.
This situation affected the supply of public transport and heavy equipment. Services such as garbage collection and debris lifting have also been affected.
The government admits that it doesn’t have a dollar
On Tuesday, March 11, the government of Lewis Earth confirmed that sufficient diesel and gasoline could not be imported to meet local demand. The lack of dollars is the main obstacle.
Hydrocarbon Minister Alejandro Garraldo explained to local news outlets that opposition parties in multiple legislative assembly blocked external loans. This has left the government The currency to import fuel is not sufficient liquidity. The amount will be $1,228 million in 14 units, not free availability, but for specific projects such as roads and water plans.
“By closing that forex route, we are unable to make acquisitions based on demand,” Garraldo said.
Despite this entry, the YPFB claims that Bolivia has the most economical gasoline in Latin America. In a press release published on its website on Sunday, the state said “prices are below what is effective in local markets.” YPFB Corporate Planning Manager Danny Roca Jiménez was the person who signed the statement.
Using cryptocurrency to pay for fuel overseas is Bolivia has been fully opened in digital assets. Last year, Cryptonoticias reported that President Luis Arce announced the implementation of a payment gateway using Cryptoactive, focused on Stablecoins, to alleviate the dollar shortage.
“This measure will energize currency flows in the country, and strengthening the international purchase payment system will benefit users who trade in international currencies,” Arce said in August 2024.
Similarly, the Central Bank of Bolivia lifted its ban on weighing cryptocurrency in the middle of last year. Since then, more than 250,000 Bolivians have become cryptographic holders. In 4 months, The transaction exceeded $75 millionaccording to this media.
Additionally, local banks have launched services after this opening with USD Tether (USDT), the world’s largest stub coin. Even agents such as Mariella Balgibiso have shown it. They “reduce the economic crisis thanks to Bitcoin.”
The energy crisis and currency shortage puts governments in a critical position, and decisions relying on cryptocurrencies reflect changes in economic strategy. Bolivia is seeking alternatives because it lacks access to traditional external funding. Therefore, implementing the YPFB system It could mark regional precedents.
Meanwhile, the energy crisis continues. Currency reserves provide no indication of an immediate recovery, and reliance on fuel subsidies remains a challenge for the ARCE government. Therefore, commitment to cryptocurrency It can be a critical step or risk in the context of uncertainty.
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