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.

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.

The Bolivian state energy company, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has announced plans to make energy imports into the country with

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

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.

YBFB hopes that using crypto will be a direct solution to the nation's shortage in U.S. dollars and foreign currency reserves.

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

In Bolivia's farm region of Santa Cruz, a worsening fuel shortage is starting to hit farmers' ability to harvest their crops, a concern for the embattled South American country where agriculture has become a key economic driver.