La PAZ (Reuters) – YPFB energy company will use the cryptocurrency to pay the costs of energy imports amid a painful shortage of dollars and fuel in the unpleasant South America, according to a company spokesman and government official told Reuters on Wednesday.
The country is fighting a dangerous segment of foreign currency reserves after years of exports of natural gas, which sparked the country’s fuel crisis with long, regular queues in the scattered gas stations and protests.
A spokesman for the Energy -run Energy Company told Reuters that a system has been placed in a place to use the encrypted currency to buy fuel imports after the government agreed to use digital assets to help meet the demand.
“From now on, transactions (encoded) will be implemented,” the spokesman said, adding that the new purchase system has been designed to help support national fuel subsidies in Bolivia amid a lack of hard currency.
A government spokesman said that YPFB has not yet benefited from the digital currency to buy energy imports, but was planned to do so.
For decades, Bolivia depends on a net energy source due to its large gas reserves, on imports as local gas production diminished amid the lack of new new discoveries.
(Participate in the coverage of La Paz Newsroom and Lucinda Eliott; Written by Adam Jordan)
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