According to CoinDesk, Bolivia’s Minister of Economic Development José Gabriel Espinoza announced at a press conference on July 13 that the government is currently in a technical assessment phase, considering officially incorporating the stablecoin USDT into the national payment system. Since the Bolivia Central Bank lifted restrictions on crypto trading in June 2024, crypto trading volume has grown by 630%.
Bolivia’s economic minister: the government is evaluating adding USDT to the national payment system, still in the technical review stage
According to CoinDesk, during the press conference, Bolivia’s Minister of Economic Development José Gabriel Espinoza said the government is conducting a technical assessment on whether to officially incorporate USDT into the national payment system, so that it can circulate domestically alongside the Boliviano and the US dollar; currently, the relevant technical framework is being developed by officials for banks, digital wallets, and payment providers.
Espinoza also clearly emphasized that the proposal has not yet granted USDT legal tender status, and any comprehensive push would face hard challenges from international regulations, especially the anti-money-laundering pressure brought by the FATF grey list.
After crypto trading restrictions were lifted in June 2024, transaction volume surged by 630%
According to statistics from the Bolivia Central Bank, since the official lifting of restrictions on crypto trading in June 2024, the following key figures have emerged for domestic digital asset adoption: crypto trading volume in the first half of 2024 surged from $46.5 million to $294 million, a growth rate of 630%; total crypto trading volume for the full year reached $430 million, setting a historical record.
The backdrop for this shift in Bolivia is that this year it ended a fixed US dollar exchange-rate regime that had lasted for 15 years and moved to a floating exchange rate. Under pressure from traditional US dollar scarcity, citizens and businesses have actively sought alternative channels.
In April, Banco Unión Yasta already allowed the purchase of USDT
According to reports, there have been multiple precedents for Bolivia’s official and private-sector de-dollarization efforts:
· In April this year, state-owned bank Banco Unión and its digital wallet Yasta announced a partnership with EFY Finance, allowing customers to directly buy USDT for international payments and cross-border remittances;
· In addition, state-owned energy company YPFB had previously announced plans to directly use crypto assets to pay for energy import costs;
· The Bolivia Central Bank also previously sought technical assistance from the government of El Salvador (the first country to set Bitcoin as legal tender worldwide) on a crypto regulatory framework.
Bolivia remains on the FATF grey list; the government stresses the need to build strict AML/CFT controls
According to reports, Bolivia is currently still on the Financial Action Task Force (FATF) anti-money-laundering grey list, facing pressure from international monitoring of financial crimes. The Bolivian government therefore emphasized that the policy focus in the next phase will be to build extremely strict anti-money-laundering (AML) and counter-terrorism financing (CFT) control measures, to ensure that the USDT stablecoin infrastructure will not be used for illegal activities such as money laundering. While embracing innovation, it will protect the country’s financial security.
Frequently Asked Questions
Has Bolivia officially added USDT to the national payment system?
According to reports, Bolivia’s government is still in the technical assessment stage and has not officially adopted USDT as part of the national payment system, nor has it granted USDT legal tender status; any comprehensive push needs to pass a strict AML/CFT framework review.
How much has Bolivia’s crypto trading volume grown, and what is the data source?
According to statistics from the Bolivia Central Bank, since crypto trading restrictions were lifted in June 2024, crypto trading volume has grown by 630%, surging from $46.5 million to $294 million (H1 vs. previous period). Total trading volume for the full year reached $430 million.
What impact does Bolivia’s FATF grey list have on USDT integration?
According to reports, Bolivia is still on the FATF anti-money-laundering grey list. The government emphasized that any further progress requires building extremely strict AML/CFT control measures; FATF compliance requirements are the main international regulatory obstacle to Bolivia’s formal integration of USDT.
