Important points
- Bolivia plans to integrate stablecoins into the country’s formal financial system.
- Banks will be able to offer crypto services such as savings accounts, credit cards, and loans.
Bolivia’s newly appointed economy minister, José Gabriel Espinoza, has announced that the country will integrate cryptocurrencies into its formal financial system. The introduction will begin with a stablecoin and will be part of Bolivia’s modernization drive.
Espinoza said banks will be allowed to offer crypto-based savings, credit cards and loans, allowing assets to serve as fiat payment methods.
The announcement marks a major regulatory reversal for Bolivia, which previously maintained a ban on cryptocurrencies before lifting these restrictions to allow for formal stablecoin integration.
Following the Bolivian Central Bank (BCB)’s decision to lift the ban on crypto trading, Bolivia’s leading bank, Banco Bisa, has launched a service offering storage and trading services for stablecoins like USDT, facilitating cross-border payments and use as a hedge against local currency depreciation.
