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 is facing a serious economic issue as the country has a severe lack of dollars and gasoline, forcing the state energy agency YPFB to use cryptocurrencies for energy imports.

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 approves crypto for energy imports, tackling the economic crisis and foreign currency shortage with a new digital payment system.

STORY: From why Bolivia is turning to digital currencies for energy imports.To one of the biggest ever deals in the crypto industry.:: Crypto WeeklyThis is Crypto Weekly.:: Bolivia's energy planBolivia's state energy firm YPFB plans to use cryptocurrency to pay for energy imports.

Bolivia’s state energy company, YPFB, has turned to cryptocurrency as a method of payment for energy imports, according to a company spokesperson and a government official. This decision comes as the landlocked South American nation grapples with a severe shortage of dollars and fuel.

Bolivia approves crypto payments for fuel imports to address dollar shortages and stabilize energy supplies amid an ongoing fuel crisis.