Bolivia to integrate crypto into its financial system, starting with stablecoins
Crypto Briefing
Bolivia will integrate stablecoins into its formal financial system, allowing banks to offer crypto-based financial services.Summary
Bolivia's new Economy Minister, Jose Gabriel Espinoza, announced plans to integrate cryptocurrencies into the formal financial system, beginning with stablecoins as part of a national modernization effort. This integration will permit banks to offer crypto-based savings accounts, credit cards, and loans, enabling these digital assets to function as legal tender payment instruments. This move reverses Bolivia's previous ban on cryptocurrencies, following the Central Bank of Bolivia's decision to lift restrictions, which has already seen Banco Bisa offering custody and transaction services for stablecoins like USDT for cross-border payments and hedging against local currency depreciation.
(Source：Crypto Briefing)