According to Odaily Planet Daily, Edwin Rojas Ulo, the president of the Central Bank of Bolivia, recently mentioned the change in the institution's position on cryptocurrencies and stablecoins. Rojas Ulo believes that it may be beneficial to add cryptocurrencies as an alternative to the national financial system, and the decentralized nature of these assets will facilitate commercial and private activities to purchase services and meet different needs. He also admitted that some assets, such as Bitcoin, can be used as investment tools to gain returns, but their volatility may be disadvantageous to users.
Rojas Ulo also mentioned stablecoins, explaining that stablecoins like USDT, which are pegged to the US dollar, bring different advantages to users who cannot access the US dollar. Earlier news, Bolivia has lifted the ban on Bitcoin and other cryptocurrencies, which came into effect in December 2020. On June 26, the Central Bank of Bolivia has officially announced that banks can now conduct cryptocurrency transactions. Nevertheless, the Central Bank of Bolivia reminds citizens that cryptocurrencies are not considered legal tender.
