ChainCatcher news: According to Bitcoin.com, Edwin Rojas Ulo, president of the Central Bank of Bolivia, mentioned the recent change in the institution’s attitude towards cryptocurrencies and stablecoins. Rojas Ulo reportedly said that he believes that incorporating cryptocurrencies into the national financial system could be beneficial as an alternative, and talked about the function of stablecoins as a substitute for the US dollar.
Rojas Ulo said that the decentralization of crypto assets will "favor commercial and private activities, for the purchase of services and of course for different needs," however, he admitted that certain assets like Bitcoin can be used as investment tools to gain returns, but their volatility may be disadvantageous to users. In addition, he said that stablecoins like USDT, which are pegged to the US dollar, bring different advantages to users who do not have access to the US dollar.
However, the Bolivian Central Bank stressed that the only officially accepted currency in the country is the Bolivian Boliviano and that Bolivians are not obliged to accept cryptocurrencies as a form of payment. Likewise, the bank warned that the use and sale of cryptocurrencies must be borne by their holders at their own risk.
