The government of Bolivia announced on Tuesday it will begin integrating cryptocurrencies into the formal financial system — marking a major shift under its new economic agenda. Officials said the effort will start with stablecoins, allowing banks to offer crypto-based services such as savings accounts, loans, and payment instruments.
Crypto integration part of larger economic overhaul
The announcement comes as Bolivia negotiates more than US $9 billion in multilateral loans aimed at stabilizing the economy. Economics Minister Jose Gabriel Espinoza told reporters this financing package will support both public and private projects. He added that crypto integration will serve as a legal-tender payment option under the new plan.
Government officials said banks will soon be able to offer services like crypto-backed savings, loans and credit cards. The aim is to give people and businesses access to alternative payment and savings tools amid ongoing economic hardship.
Why the shift — economy under stress and crypto usage rising
Bolivia has faced one of its worst economic crises in decades: inflation at a multi-decade high, near-zero foreign currency reserves and severe fuel shortages.
At the same time, digital-asset use surged after the government lifted a crypto ban in mid-2024. According to recent data, crypto transactions — including stablecoins — jumped from US $46.5 million in the first half of 2024 to US $294 million in the first half of 2025.
Many small businesses and citizens already use crypto for payments, remittances and savings as a hedge against the boliviano’s sharp decline in value.
The plan explicitly mentions stablecoins as the first phase of integration. While some local firms already accept Bitcoin and other cryptocurrencies for informal transactions, the official move does not necessarily make those assets legal tender.
Thus far, only stablecoins are slated for inclusion under the formal banking system. Any extension to include non-stable cryptos like Bitcoin will likely depend on future regulation.
Source: https://coinpaper.com/12683/bolivia-turns-to-stablecoins-as-economy-falters-major-banking-shift-announced
