Bolivia will integrate stablecoins into the financial system
Bolivia is taking an important step towards financial modernization as the Minister of Economy, José Gabriel Espinoza, reveals plans to integrate cryptocurrencies into the country's financial system.
Espinoza presented the initiative during his first major political announcement since Rodrigo Paz assumed the presidency, according to Reuters. The measure marks a significant shift for a country that recently revoked its blanket ban on digital assets.
Espinoza noted that the integration will begin with stablecoins, laying the groundwork for broader cryptocurrency adoption across the financial sector.
Subsequently, he emphasized that banks will be allowed to offer a range of services related to cryptocurrencies, enabling crypto assets to function as legal tender within the financial system.
This includes the possibility for customers to open savings accounts denominated in cryptocurrencies, access credit cards linked to digital assets, and even obtain loans backed by cryptocurrencies.
The initiative is part of a broader government effort to modernize Bolivia's financial infrastructure while working to mitigate the impact of a significant economic crisis.
Meanwhile, the adoption of cryptocurrencies in Bolivia has increased since the government lifted the ban on digital assets last year.
Analysts report a strong increase in transaction volume, as citizens increasingly turn to cryptocurrencies to protect themselves from the weakening boliviano.
In the face of rising inflationary pressures, many Bolivians are seeking alternatives to store value, fueling expectations that adoption will continue to grow.
