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

Source: iProup

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada President of Bolivia will encourage the use of digital platforms and cryptocurrencies apareció primero en Bitfinance.