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Bolivia has announced plans to start using cryptocurrency as a means of payment for energy transactions in a move aimed at addressing the country’s severe economic crisis and US dollar shortages. The government has stated that it is seeking alternative solutions to secure fuel supplies, which have been severely impacted by the ongoing economic woes.
The decision comes amid growing concerns over the country’s ability to import critical goods such as food and medicine due to a lack of foreign exchange reserves. As a result, the government has recognized the potential benefits of blockchain technology in facilitating international transactions, thereby mitigating the impact of the crisis on its population.
In this new approach, energy companies will be able to settle their fuel bills using cryptocurrency, which is expected to simplify and speed up payment processes while reducing reliance on traditional foreign exchange markets. This move could also serve as a precursor to broader use of digital assets across other sectors of the economy.
The initiative highlights the deepening economic crisis in Bolivia, with the country’s GDP shrinking by 5% in 2022 alone due to a combination of factors including the ongoing energy crisis, droughts, and the devastating impact of COVID-19 on global trade.
Source: https://cryptoslate.com/bolivia-turns-to-crypto-for-fuel-trade-amid-us-dollar-shortage/
