Bolivia’s new president backs blockchain to tackle government corruption

Bolivian President-elect Rodrigo Paz, who won the runoff election on a centrist platform, intends to use blockchain technology to combat government corruption. His administration plans to implement blockchain and smart contracts in public procurement processes to reduce discretion in state purchasing. Furthermore, his platform includes a proposal for citizens to declare previously undeclared crypto assets into a new foreign-exchange stabilization fund, which will help steady the currency and secure funds for essential imports during US dollar scarcity. Paz views blockchain primarily as an anti-corruption tool, rather than advocating for national adoption of Bitcoin or retail legalization. This move follows a recent trend in Bolivia where the central bank lifted a ban on crypto transactions and major banks began offering crypto custody services.

(Source：Cointelegraph)