Bolivia’s incoming president, Rodrigo Paz, goals to make use of blockchain know-how to deal with authorities corruption and modernize public funds.
Paz, who received the runoff election with 54.5% of the vote in opposition to Jorge Quiroga, will take workplace on November 8, inheriting an economic system strained by gas shortages and a decent US greenback provide.
Two key initiatives spotlight his strategy to digital belongings. First, Paz plans to implement blockchain and good contracts in public procurement to scale back discretionary decision-making, automating parts of state buying and making processes extra clear. Second, his administration will enable residents to declare cryptocurrency holdings as a part of a brand new foreign-exchange stabilization fund, designed to broaden reserve belongings and strengthen the nationwide foreign money.
Whereas Paz sees blockchain as a instrument for transparency, he isn’t pushing for nationwide adoption of Bitcoin or different cryptocurrencies for reserves or retail use.
The main target is pragmatic: use digital belongings for anti-corruption measures and one-time asset regularization to assist foreign money stability.
Bolivia has been regularly opening as much as crypto since 2024. The central financial institution lifted restrictions on digital transactions final 12 months, enabling regulated crypto funds and doubling common month-to-month buying and selling volumes. Institutional custody of USDT has begun, and main merchants- together with Toyota, Yamaha, and BYD – are accepting stablecoins. The central financial institution additionally signed a cooperation memorandum with El Salvador to discover crypto as a viable various to fiat, reflecting a broader pattern towards modernization and monetary inclusion.
