Bolivia’s Central Bank has recently expressed its belief that incorporating cryptocurrencies into the national financial system could potentially bring benefits. The President of the Central Bank, Edwin Rojas Ulo, acknowledged the changing stance on cryptocurrencies and stablecoins, stating that they could serve as a valuable alternative and highlighting the role of stablecoins as digital equivalents of the US dollar. This marks a significant shift in Bolivia’s previous ban on cryptocurrency usage. Rojas Ulo emphasized that the decentralization of assets would facilitate commercial transactions and cater to various needs, while also cautioning about the volatility of assets like Bitcoin. It’s important to note that, for now, the Boliviano remains the only officially recognized currency in the country, and accepting cryptocurrency as a method of payment is not mandatory. He further emphasized that the risks associated with using and trading cryptocurrencies should be shouldered by the owners.
Latest
Bolivia’s Central Bank Says Cryptocurrencies Could Be Beneficial for the Financial System
