Bolivia continues its openness to digital assets as a support for its national currency, the boliviano. In this regard, the South American nation is considering including Tether’s USDT stablecoin in its payment system.

The adoption of digital assets and cryptocurrencies in Bolivia continues to rise. The government’s strategy is to bolster its economy by combining other assets with the local currency, the boliviano, and the legal tender US dollar.

Bolivia, national currency, boliviano, US dollar At a press conference last week, Economy Minister José Gabriel Espinoza stated that the proposal “remains under technical review and the government has not published implementation rules nor granted legal tender status to the stablecoin.”

In this regard, Bolivian authorities are “developing a framework for banks, digital wallets, and payment providers,” according to Espinoza. Any implementation would require stricter anti-money laundering controls, as Bolivia remains on the Financial Action Task Force’s gray list, which subjects the country to increased scrutiny due to deficiencies in its financial crimes regime.

Authorities cite the increased adoption of cryptocurrencies by businesses and consumers who “are seeking alternatives to the scarce US dollars in the country.”

M.Pino

Source: coindesk

(Reference image source: DrawKit Illustrations on Unsplash)

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