The shortage of dollars and fuel in Bolivia has led President Luis Arce to take the measure of encouraging the use of digital platforms and cryptocurrencies.

Digital assets reduce transaction costs and increase the flow of currency. On the other hand, they contribute to strengthening financial activity in the country and diversifying economic activity.

Arce admitted that “he lifted the ban on cryptocurrencies in the Bolivian country due to the shortage of dollars and fuel.” The country receives significant remittances from Bolivians abroad.

“In the speech on the 199 years of Bolivia’s Independence, the president maintained that he seeks to alleviate the effects of the dollar shortage on the country’s economy.”

The president emphasized that the measure to reduce dependence on the US dollar will “promote the use of cryptocurrencies backed by metals, especially the tether stablecoin alloy (aUSDT).”

With this, the authorities will seek to provide greater dynamism to the arrival of foreign currency, as well as strengthen the payment system for purchases abroad.

M.Pino

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The president of Bolivia, Luis Arce, announced that after an investment of USD 50 million, the country achieved the most important discovery since 2005. It is a mega natural gas field of 1.7 trillion cubic feet.

Arce indicated that the new discovery was made in the north of the department of La Paz, capital of the South American country, although he did not give details of how this discovery will increase the fuel reserves in the country, since “the state oil company YPFB is in the phase of hiring a consulting company to carry out studies of proven and probable reserves.”

As background, it is appropriate to mention that until 2019, Bolivia had 8.95 TCF, mostly destined for Brazil and Argentina. In 2018, the proven reserves ceiling was 10.45 TCF.

“Gas exports were Bolivia’s main source of income until 2021, when they were replaced by gold exports.”

The president clarified that the country is going through a significant drop in gas production, so the discovery of the new megafield is of vital importance.

Data from the state oil company YPFB indicate that Bolivia produces 35 million cubic meters per day (mmcd) of gas, “it dispatches 4 to 5 mmcd to Argentines, about 18 mmcd to Brazilians and about 12 mmcd is for its internal market.”

This reality complicates the Bolivian economy, because low gas production causes it to consume its monetary reserves in order to sustain the import of diesel and gasoline. This translates into a decrease in dollars in the banking system.

M.Pino

Source: swissinfo

(Reference image source: KWON JUNHO in Unsplash)

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The president of Bolivia, Luis Arce, denounced this Wednesday the plot of a coup d’état, after at approximately 3:30 local time, military units moved irregularly to the Government Palace.

🇧🇴 | URGENTE

Tropas de asalto rodean en estos momentos la Plaza Murillo de La Paz, desalojando a los transeúntes.

El presidente Luis Arce ha denunciado movimientos irregulares de tropas y ha pedido respetar la democracia en Bolivia.

VIDEO: ERBOL pic.twitter.com/dPwTNxlrEp

— UHN Plus (@UHN_Plus) June 26, 2024

The complaint has been replicated by former president Evo Morales, who has called for preserving democracy.

Through social networks it has been learned that behind this mobilization would be the former commander general of the Bolivian Army, Juan José Zúñiga, dismissed this Tuesday.

This is a developing event that has been rejected by the secretary of the Organization of American States, Luis Almagro, as well as leaders of the region.

Citizens have traveled to Plaza Murillo to support democracy in the country.

Arce denuncia movilizaciones irregulares de militares en la Paz
El miércoles, Luis Arce, presidente de Bolivia, reportó "movimientos inusuales de ciertas unidades del Ejército Boliviano" pic.twitter.com/eOF0fyW57V

— RT en Español (@ActualidadRT) June 26, 2024

Se gesta el Golpe de Estado.
En este momento se despliega personal de las Fuerzas Armadas y tanquetas en la Plaza Murillo.

Convocaron a las 3:00 pm a reunión de emergencia en el Estado Mayor del Ejército en Miraflores con uniformes de combate.

Convocanos a los movimientos… pic.twitter.com/87V8WAtRO7

— Evo Morales Ayma (@evoespueblo) June 26, 2024

Denunciamos movilizaciones irregulares de algunas unidades del Ejército Boliviano. La democracia debe respetarse.

— Luis Alberto Arce Catacora (Lucho Arce) (@LuchoXBolivia) June 26, 2024

M.Pino

With information from national and international media, agencies and social networks

(Referential image: Unsplash+, in collaboration with Resource Database)

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La entrada Tension in Bolivia due to irregular mobilization of military units to the government palace apareció primero en Bitfinance.

The presidents of Venezuela and Bolivia, Nicolás Maduro and Luis Arce, signed this Friday thirteen agreements as part of the celebration of the III Joint Integration Commission between both countries.

According to the media, the negotiations aim to strengthen bilateral ties through letters of understanding in favor of integration and union.

Both countries have been working on key issues for their economies and the well-being of the peoples, such as “oil, gas and petrochemical development, air interconnection.”

Maduro indicated that it is necessary for both nations “to become a central axis of petrochemical investments to guarantee the fertilizers that farmers in Latin America and the Caribbean need.”

According to the president of Venezuela, these agreements mark the “restart of bilateral relations.” In this sense, he urged his cabinet to give the greatest support and priority to compliance with these agreements.

M.Pino

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The president of Bolivia, Luis Arce, urges the reactivation of the Union of South American Nations (Unasur) through the creation of a common currency as an alternative to the dollar to promote regional trade.

In a video released on his social networks in commemoration of the anniversary of the regional bloc, Arce highlights that Unasur represents a genuine hope to achieve unity in the south.

Arce emphasizes that the reactivation of Unasur will allow us to resume the path of fraternity, solidarity, reciprocity and fair and equitable relations, recognizing the diversity of the countries of the south and promoting their own identities and voices.

In addition, it maintains that strengthening and reactivating Unasur will allow the countries of South America to integrate into a multipolar world, based on the principle of solidarity and collectively contributing to multilateralism, in defense of life, peace, human rights and the environment.

Arce mentions that in the midst of the multiple crises of the capitalist system, Unasur offers an ideal space to achieve economic and monetary integration.

In this sense, he proposes the elimination of trade barriers in Latin America and the Caribbean, and considers the adoption of a common currency as a real and viable alternative to the dollar as a response to the crises facing the region.

K. Tovar

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La entrada President of Bolivia promotes the reactivation of Unasur and proposes a common currency apareció primero en Bitfinance.