Bolivia plans to integrate cryptocurrencies and stablecoins into its national financial system

The Bolivian government has announced that it will officially introduce cryptocurrencies and stablecoins into its financial system in an effort to modernize the national economy.
According to Cointelegraph, on the 26th (local time), Bolivian Jose Gabriel E.
Economic Secretary Jose Gabriel Espinoza said, "Banks will be allowed to store virtual currencies on behalf of their customers and use them for deposit accounts, credit products, and loans."
"We plan to make it possible to use virtual currencies like legal tender in various places," he said on the 25th.
Bolivia, like other Latin American countries, faces high fiat inflation, which has led some residents to use stablecoins.
Analysts attribute the move by nations to integrating cryptocurrencies into their financial systems to a psychological factor of "don't miss out" (FOMO).
According to the Bolivian National Institute of Statistics, the annual average inflation rate of the Bolivian currency, the Boliviano, was 1.2% in October.
As a result, local companies have begun to use the dollar-based stablecoin Tether (USDT) to set prices.
In March, state-owned energy company YPFB announced it would build a framework to allow energy import payments to be made in cryptocurrency.
However, the specific cryptocurrency that will be used has not yet been disclosed. Also, automakers such as Toyota, Yamaha, and BYD have announced that they will start using Bolivian yuan (USD) in September to solve the problem of US dollar shortages.
began accepting USDT payments within the country.