Two new solutions that will facilitate payments for Bolivian citizens were authorized by the country’s Central Bank: the use of digital wallets for electronic payments and the issuance of virtual electronic cards.

According to an official statement from the Central Bank of Bolivia, the initiative constitutes a step towards the modernization of payments in the territory.

Board Resolution 111/2024, issued by the BCB, “promoted digital innovations by enabling digital wallets, or e-wallets, for users to use as electronic payment channels.”

The measure seeks to reduce risks and streamline payment processes, “to ensure the timely settlement of operations and, in this way, promote efficient communication between participants, maintaining the smooth operation of the payment system,” the statement said.

The measure is part of the modifications to the Regulation of Payment Services, Electronic Payment Instruments, Clearing and Settlement through Board Resolution No. 079/2022.

To help with familiarization in the use of digital wallets, workshops will be organized nationwide for financial institutions and all actors in the payment ecosystem. The content will include information on “the benefits, scope and potential of the regulatory framework to promote the development of the national payment infrastructure.”

By updating the BCB’s regulatory framework, it is possible to bridge gaps and facilitate the access of more citizens to safe and regulated digital financial services, within the framework of digital financial inclusion and the democratization of payments.

M.Pino

Source: cointelegraph

(Reference image source: Getty Images for Unsplash+)

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The Central Bank of Bolivia (BCB) began selling dollars to the public to meet an unusual demand for the US currency, which authorities say is due to speculation about the country’s economic situation.

The president of the BCB, Edwin Rojas, said that the lawsuit was generated by speculation, especially on social networks and WhatsApp groups. The direct sale of dollars from the central bank seeks to control “speculative desires”, such as the release of legal reserves.

The sale of dollars from the monetary authority seeks to control “speculative desires” and release around 240 million dollars throughout the financial system. Last week, about 2 million dollars were allocated to exchange houses and another 91 million to banks for sale in those entities.

Given the persistence of the lack of dollars and “speculation”, the BCB began direct sales this week at its offices and through the state-owned Banco Unión.

The increase in demand for dollars in Bolivia coincides with a report on Net International Reserves (NIR) which at the beginning of February were around 3.8 billion dollars, one of the lowest levels since 2014.

According to the president of the BCB, the increase in the demand for dollars has to do with a phenomenon of speculation by intermediaries, but it is also attributed to the genuine concern of people who want to change their savings in Bolivians to the US currency before the eventuality that the exchange rate rises.

Rojas assured that the Bolivian economy is absolutely resilient and that the exchange policy will not be modified in the face of the situation, which they consider temporary. According to him, the institution will deploy all the potential it has in terms of monetary, exchange and financial policy to achieve macroeconomic goals and maintain a stable exchange rate.

K. Tovar

Source: TN

(Reference image source: ALD)

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La entrada Central Bank of Bolivia sells dollars to curb speculation apareció primero en Bitfinance.