bolivianosalaluna

#Bolivianosalaluna Increase cryptocurrency adoption in Bolivia
In June 2024, the Central Bank of Bolivia lifted its ban on Bitcoin (BTC) and crypto payments, allowing financial institutions to conduct transactions with digital assets. The ban had been in place since 2014.

In September 2024, Bolivia reported a 100% increase in virtual asset trading, with approximately USD 15.6 million in assets traded monthly between July and September. The USD 48.6 million traded was primarily composed of stablecoins. Stablecoins are often used in developing countries whose local currency has experienced a high degree of devaluation or where there is a shortage of foreign currency.

The use of stablecoins gained greater momentum in Bolivia in October 2024, when the local bank Banco Bisa introduced a stablecoin custody service. That service, which was supported by the country's financial regulator, allows residents of the nation to buy, sell, and exchange USDt (USDT) from Tether, a stablecoin pegged to the US dollar.

Cointelegraph wrote in September 2016 that Bolivia had much to gain from cryptocurrency adoption. At that time, a large portion of the citizens of that country were unbanked, with only 11% of residents using a debit card for payments and only 5% using credit cards. However, the country maintained its ban until 2024, labeled cryptocurrencies as a Ponzi scheme in May 2017, and arrested cryptocurrency advocates.

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#Bolivianosalaluna Bolivia would use cryptocurrencies to pay for its energy imports
Bolivia, which lifted its ban on Bitcoin and crypto transactions in 2024, has seen a demonstrable increase in cryptocurrency adoption.
The state energy company YPFB plans to use cryptocurrencies to pay for energy imports, according to a Reuters report from March 13. The move comes at a time when the South American country is facing a shortage of foreign currency reserves and a dwindling supply of domestic gas production.

A YPFB spokesperson said that a system had been put in place to use cryptocurrency to purchase energy imports after the government approved the use of digital assets to meet the country's demand. Although YPFB has not yet used the system, it plans to do so.

The report does not reveal which cryptocurrency will be used for payments. Stablecoins, which are digital assets linked to fiat currency, are often used for cross-border transactions, although it is unclear if that will be the case in Bolivia.

The fuel shortage in Bolivia has led to protests and the threat of strikes among some workers in the country, including farmers, who claim that the lack of fuel threatens their summer harvest. Only between 35% and 50% of the country's public transportation system is operational. Alejandro Gallardo, Minister of Energy and Hydrocarbons, stated that there are difficulties due to the shortage of foreign currency.

entering the crypto market from Bolivia is twice as difficult. Apart from the volatility of the tokens, we have to struggle with the volatility of our currency, the boliviano, which seems like a memecoin. Although sometimes it also helps with profits, let's go for it💰💰💰#Bolivia #BoliviaCrypto #altcoins #Bolivianosalaluna