Bolivia’s 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.

Bolivia's state energy firm YPFB will use cryptocurrency to pay for energy imports amid a painful shortage of dollars and fuel in the landlocked South American nation, a company spokesperson and a government official told Reuters on Wednesday.

Bolivia’s adoption of crypto for energy imports could stabilize fuel supplies and ease the dollar shortage. The success of this strategy hinges on effective implementation and managing regulatory uncertainties.