In the midst of the energy crisis that Bolivia is going through and the consequent fuel shortage, the state Bolivian fiscal oil deposits (YPFB) is determined to use cryptocurrencies to pay imported fuel. The measure seeks to face the lack of dollars that limits imports. A company source revealed to the Reuters agency that a system was launched for Use cryptoactives in the purchase of fuel abroad. «From now on, these transactions (cryptocurrencies) will be carried out,» said the source. The new purchasing system was designed to support national subsidies to fuels in Bolivia, according to the same source. This responds to the shortage of currencies that affects the country. Although the first fuel negotiations paid with cryptocurrencies have not yet been completed, trade is imminent. The plan will be activated after the approval of the government of Luis Arce to use digital assets and meet domestic demand. Bolivia faces a strong energy crisis that has generated fuel queues in several regions. At the same time, currency reserves have fallen after years of decrease in exports of natural gas. EFE agency reports point out that people They have waited hours in rows of several blocks to fill the tanks of their vehicles. Many gas stations have closed, while others sell fuel in a limited way. This situation has affected the supply in public transport vehicles and heavy machinery. Services such as garbage collection and debris lifting have also been impacted.
Gasoline ranks increase in Bolivia. Source: YouTube.
The Government acknowledges that it has no dollars
On Tuesday, March 11, the Luis Arce government acknowledged that sufficient diesel and gasoline cannot import to meet local demand. The lack of dollars is the main obstacle. Hydrocarbons Minister Alejandro Gallardo explained to the local press that the opposition in the Plurinational Legislative Assembly blocked external loans. This has left the government Without sufficient liquidity in currencies to import fuel. The amount retained amounts to 1,228 million dollars in 14 credits, destined for specific projects such as roads and water plans, not free availability. «By closeding that foreign exchange route, we have a situation that does not allow us to make the acquisition according to the demand,» said Gallardo. Despite this admission, YPFB argues that Bolivia has the most economical gasoline in Latin America. In a press release published on Sunday on its website, the state indicated that «prices are below those in force in the markets of the region.» Danny Roca Jiménez, YPFB Corporate Planning Manager, was the one who signed that statement. The use of cryptocurrencies to pay fuel abroad arrives at a time when Bolivia has completely opened to digital assets. Last year, Cryptonoticias reported that President Luis Arce announced the implementation of a payment gateway with cryptoactive, focused on Stablecoins, to relieve the shortage of dollars. «With this measure, the currency flow will be energized to the country, as well as the strengthening of the payment system for purchases abroad, benefiting users who make transactions with international currencies,» said Arce in August 2024. Likewise, the Central Bank of Bolivia lifted a prohibition that weighed on cryptocurrencies in the middle of the last year. Since then, more than 250,000 Bolivians have become cryptoactive holders. In four months, Transactions exceeded 75 million dollarsaccording to this medium. In addition, local banks have launched services with USD Tether (USDT), the world's largest stablecoin, after this opening. Even deputies such as Mariela Baldivieso have indicated that They are «placating an economic crisis thanks to Bitcoin.»
The energy crisis and the shortage of currencies have put the government in a critical position and the decision to resort to cryptocurrencies reflects a change in economic strategy. Bolivia seeks alternatives due to the lack of access to traditional external financing. Therefore, the implementation of the YPFB system It could mark a precedent in the region.
Meanwhile, the energy crisis persists. Currency reserves do not give signs of immediate recovery and the dependence on fuel subsidies remains a challenge for the Arce government. Thus, the commitment to cryptocurrencies It could be a decisive step or a risk in a context of uncertainty.