As a measure to alleviate the dollar shortage problem affecting the country, Bolivia will not only turn to bitcoin (BTC) and other cryptocurrencies, but also to stablecoins. The announcement was made a few days ago by the president of Bolivia, Luis Arce, indicating that the government had already enabled the use of platforms for digital payments, in order to strengthen financial and commercial activities and as a mechanism to make in the face of the dollar shortage affecting the country. «With this measure, the flow of foreign currency into the country will be boosted, as well as the strengthening of the payment system for purchases abroad, benefiting users who carry out transactions with foreign currency. at the international level»the president said in a speech given during the celebrations for the anniversary of independence. Arce reiterated that these measures provide the population additional mechanisms which will contribute to strengthening financial and commercial activities. He added that the monetary measure seeks to alleviating the effects of the lack of foreign currency«responding immediately to the adverse global situation we are facing.» The idea is to also use stablecoins backed by various assets, such as gold, lithium and other metals, said Arce, who mentioned Alloy (aUSDT). This is the stablecoin gold backed which Tether launched more than a month ago. And although dollar-backed stablecoins, such as USDT, were not named, it is inferred that all of these currencies will also be able to be used in Bolivia. This, by virtue of the elimination of the ban on the use of cryptoassets decreed by the government last JuneIt should be remembered that after the elimination of the ban at the end of last June, the Central Bank of Bolivia (BCB) proceeded to the implementation of channels and Electronic Payment Instruments (IEP) in the country, facilitating the execution of purchase and sale operations of virtual assets. The action was carried out in coordination with the Financial System Supervisory Authority (ASFI) and the Financial Investigation Unit (UIF).
In this way, the new payment gateway stands as a bridge for customers to carry out their operations with all types of cryptocurrencies, including stablecoins. With this people were given access to foreign currencywithout the need to have physical dollars on hand. This is how cryptocurrencies become in one of the main tools of the government to overcome the difficulties that people and companies have in obtaining foreign currency. The problem, present since last year, has generated a worrying scenario, with direct impacts in the supply of products and fuel which have led to mass marches and roadblocks in different regions of the country.
As reported by BitcoinDynamic, the BCB has been highlighting, through several statements, The role that stablecoins play in its new monetary policy. «It is as if one were transacting in North American currency, although what one is doing are operations with these digital assets,» explained Edwin Rojas, president of the monetary entity, a few weeks ago. Rojas confessed that, given the scarcity of the US currency, Bolivia records a 50% drop in volume of monthly transactions abroad. It is expected that this volume will recover and return to acceptable levels thanks to operations with cryptocurrencies. That is why the authorization for the open use of bitcoin, cryptocurrencies and stablecoins in Bolivia aims to stabilize the Bolivian financial system, legalizing a system that Many were already using.