The Bolivian government is taking major steps to modernize its financial system, and a key part of this strategy involves legalizing and integrating cryptocurrencies, starting with stablecoins, into the country’s formal financial framework.
This initiative was shared by Economy Minister José Gabriel Espinoza during a recent policy event, as reported by prominent media outlet Reuters. According to Espinoza, once the plan is implemented, Bolivian banks will be allowed to offer a range of crypto-related services. This includes allowing customers to open savings accounts in crypto, make transfers using crypto-backed credit cards, and even access loans secured with cryptocurrency.
In essence, crypto will begin functioning like a standard financial product within traditional banks, with the broader goal of eventually allowing digital assets to operate as legal tender.
Bolivian Government Changes Stringent Stance Against Crypto
The move comes as the Bolivian government continues to change its stringent stance against cryptocurrencies. Notably, the country had enforced a 14-year ban on cryptocurrencies—a restriction that was only lifted last year. Since then, analysts report a sharp rise in crypto adoption, as many citizens now use digital assets to shield themselves from financial losses tied to the weakening boliviano.
The economy minister emphasized that resisting cryptocurrency adoption is unrealistic, stating that since “you can’t control crypto globally,” it makes more sense for Bolivia to embrace it and use the trend to its advantage. According to him, integrating crypto could support financial inclusion and strengthen the country’s overall economic resilience.
Brenda Kanana
Evans Kelvin
