Country that Lifts Bitcoin (BTC) Ban in June is Making Rapid Progress! "Will Use Cryptocurrencies in Payments!"

According to Reuters, the state energy company of Bolivia, a South American country, YBFB, will make its energy import payments in cryptocurrencies.

The Central Bank of Bolivia had announced last June that it had lifted the ban on Bitcoin and other cryptocurrencies.

A spokesperson for the state-owned energy company YPFB said that after the government approved the use of digital assets to meet the government's request, a system was established to make fuel import payments in cryptocurrency.

YPFB stated that they have not yet used digital currency to purchase energy imports but plan to do so.

Due to the large natural gas reserves, Bolivia, which has been a net energy exporter for decades, has become dependent on imports due to the decrease in local natural gas production as large amounts of new natural gas could not be found.

It is not the first time that a state-owned energy company in South America has ventured into the cryptocurrency sector. In 2023, the state company YPF in Argentina announced that it was venturing into cryptocurrency mining.

Similarly, in April of last year, PDVSA, affiliated with Venezuela, also announced that it used cryptocurrencies against the oil sanctions imposed by the US.