Bolivia is preparing to launch a cryptocurrency for cross-border payments.

Bolivia’s Central Bank develops cryptocurrency

On May 8, the governor of the Central Bank of Bolivia, Edwin Rojas Ulo, announced that the country is collaborating with international organizations to develop a cryptocurrency named “Virtual Bolivia”. The goal of this initiative is to be used for international payments and to protect foreign exchange reserves, especially the greenback. This move is expected to modernize the payment system, particularly in cross-border payment scenarios.

Developing modern payment methods

It is expected that a detailed proposal regarding the cryptocurrency will be announced in August. Since the Central Bank of Bolivia approved allowing the purchase of cryptocurrencies through bank accounts, the acceptance of digital assets has doubled over the past three months. This indicates a growing trend in the integration of blockchain technology and cryptocurrencies into the national economy.

Addressing the foreign exchange shortage

In the context of foreign exchange shortages, Bolivia has started using Stablecoins as an alternative to the US dollar. Furthermore, they are also exploring the possibility of using cryptocurrencies for energy import payments. This is a strategic move aimed at reducing dependence on foreign currencies and optimizing international transaction costs.

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