{"id":125093,"date":"2025-03-14T17:15:49","date_gmt":"2025-03-14T17:15:49","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125093"},"modified":"2025-03-14T17:15:49","modified_gmt":"2025-03-14T17:15:49","slug":"bolivia-to-use-crypto-to-pay-for-energy-imports-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125093","title":{"rendered":"Bolivia to use crypto to pay for energy imports \u2014 Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsBolivia\u2019s state-owned energy firm YPFB is planning to use cryptocurrency to pay for energy imports, according to a March 13 report from Reuters. The move comes as the South American nation faces a shortage of foreign currency reserves and a dwindling supply of domestic gas production.<br \/>\nA spokesperson for YPFB said that a system had been put in place to use cryptocurrency to purchase energy imports after the government approved the use of digital assets to meet the country\u2019s demand. While YPFB has not used the system yet, it plans to do so.<br \/>\nThe report does not reveal what cryptocurrency will be used for the payments. Stablecoins, which are digital assets pegged to fiat currency, are often used to make cross-border transactions, though it is unclear if that will be the case in Bolivia.<br \/>\nThe fuel shortage in Bolivia has led to protests and the threat of strikes among some of the nation\u2019s workers, including farmers, who say the lack of fuel threatens their summer harvest. Only 35%\u201350% of the country\u2019s public transport system is functional. Alejandro Gallardo, the energy and hydrocarbons minister, said there are challenges due to foreign currency shortages.<br \/>\nThe spokesperson for YPFB noted that the new purchasing system was designed to support national fuel subsidies in the country amid the shortage of foreign currency. \u201cFrom now on, these (cryptocurrency) transactions will be carried out,\u201d they said.<br \/>\nRelated: Vibe killers: Here are the countries that moved to outlaw crypto in the past year<br \/>\nCrypto adoption in Bolivia increases<br \/>\nIn June 2024, Bolivia\u2019s central bank, Banco Central de Bolivia, lifted its ban on Bitcoin (BTC) and crypto payments, allowing financial institutions to transact with digital assets. The ban had been in place since 2014.<br \/>\nIn September 2024, Bolivia reported a 100% rise in virtual asset trading, with roughly $15.6 million worth of assets traded on a monthly basis between July and September. The $48.6 million traded was largely made up of stablecoins. Stablecoins are often used in developing countries whose local currency has experienced a high degree of devaluation or where there\u2019s a shortage of foreign currency.<br \/>\nRelated: Stablecoins will see explosive growth in 2025 as world embraces asset class<br \/>\nStablecoin use gained further momentum in Bolivia in October 2024 when local bank Banco Bisa introduced a stablecoin custody service. That service, which was supported by the country\u2019s financial regulator, allows the nation\u2019s residents to buy, sell and trade Tether\u2019s USDt (USDT), a US dollar-pegged stablecoin.<br \/>\nCointelegraph wrote in September 2016 that Bolivia had much to gain from adopting cryptocurrencies. At that time, much of that country\u2019s citizens were unbanked, with just 11% of residents using a debit card to make payments and only 5% using credit cards. However, the country continued upholding its ban until 2024, calling crypto a pyramid scheme in May 2017 and arresting crypto advocates.Magazine: Bitcoin payments are being undermined by centralized stablecoins<a href=\"https:\/\/cointelegraph.com\/news\/bolivia-to-use-crypto-to-pay-for-energy-imports?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsBolivia\u2019s state-owned energy firm YPFB is planning to use cryptocurrency to pay for energy imports, according to a March 13 report from Reuters. The move comes as the&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125093"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125093"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125093\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125093"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}