![“Significant benefits”: Bolivia’s Central Bank opens up to cryptocurrencies “Significant benefits”: Bolivia’s Central Bank opens up to cryptocurrencies](https://cryptoast.fr/wp-content/uploads/2024/07/bolivie-cryptomonnaies.jpg)
A major turnaround. The Central Bank of Bolivia recently praised cryptocurrencies, and stated its intention to integrate them into the country’s financial systems. What motivated this change?
Bolivia says yes to cryptocurrencies
Until now, the use of digital assets was prohibited in Bolivia.. But the Central Bank has just drastically changed course, through its president Edwin Rojas Ulo. The latter spoke about Bitcoin (BTC) and other cryptocurrencies, highlighting their potential interest for the country's economy.
On June 25, The country's Governing Council has authorized the repeal of the law that prevented financial entities from using crypto assets. This is a key step, according to Edwin Rojas Ulo:
“Having given the green light for them to start using virtual assets, we believe this will significantly benefit a large part of the business, not just traders and production.”
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Central Bank of Bolivia notes that digital assets can meet diverse needsparticularly on the side of the “classic” financial system. She cites Bitcoin (BTC) and notes in particular the interest of stablecoins, these cryptocurrencies which are based on fiat currencies or tangible assets.
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Not a new Venezuela?
To encourage residents and businesses to use digital assets, The Central Bank will conduct a “financial education campaign ». It is recalled that in Venezuela, a country that made BTC a legal asset, the government had also proposed an educational campaign to explain what cryptocurrencies are.
However, Bolivia will not be the “new Venezuela”, according to the Central Bank. It specifies that a digital asset is still not legal tender, and that it is in no way obligatory to receive it as a means of payment. It also notes that the “risks inherent in the use [des actifs numériques] will be assumed by the users“.
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However, this remains a major step for the country, which shows once again that Latin America is a hotbed of adoption for cryptocurrencies. As de-dollarization becomes more popular, it is possible that other countries will follow suit.
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Source: ABI
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