PANews reported on May 8 that Edwin Rojas Ulo, the governor of the Central Bank of Bolivia, said that the country is working with international organizations to design a digital currency called "Virtual Bolivia" to be used for international settlements and save foreign exchange reserves, especially the US dollar. He pointed out that this move will help modernize the payment system, especially in cross-border payment scenarios. The detailed proposal for the digital currency is expected to be announced in August.
In addition, since the Bolivian Central Bank allowed the purchase of cryptocurrencies with bank accounts, the adoption of digital assets has doubled in three months. At the same time, due to foreign exchange shortages, Bolivia has also begun to use stablecoins as an alternative to the US dollar and explore the possibility of paying for energy imports through cryptocurrencies.
