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

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Venezuelan inflation was 1.7 % in January, a decrease of 0.7 points compared to December 2023, reported the Central Bank of Venezuela (BCV).

With this figure, the country accumulates four consecutive months of slowdown in the increase in prices of goods and services, after having registered a rate of 2.4 % in December, 3.5 % in November and 5.9 % in October, according to official statistics.

The data for the first month of 2024 is 40.4 points below the inflation recorded in January 2023, of 42.1 %, a figure that fell to 19.3 % in February and then remained in single digits during the remaining 10 months of last year.

The sector that registered the greatest increase in prices last month was communications, with an increase of 3.7 %; followed by education, with 3.5 %; alcoholic beverages and tobacco, with an increase of 3.3 %, and health and home equipment, whose prices grew by 2.6 % in January.

The official data varies by almost three points from that released last Tuesday, January 30, by the Venezuelan Finance Observatory (OVF), an independent entity made up of economic experts, which calculated January inflation at 4.2 %.

In December 2021, Venezuela emerged from a hyperinflation that it entered in 2017 and that, for four years, reduced the value of the bolivar, the country’s official currency.

Taken and with information from El Sumario

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La entrada Inflation in Venezuela was 1.7 % in January according to BCV apareció primero en Bitfinance.