Edwin Rojas is confident that the introduction of bitcoin will revitalize the Bolivian economy. Cryptocurrencies can be used for domestic and cross-border settlements. Crypto assets can significantly simplify and speed up transactions, since they are less dependent on traditional banking systems, according to the governor of the Central Bank.
The introduction of cryptocurrencies can be beneficial, as the country is experiencing economic difficulties and a shortage of US dollars, the official complains. With the help of bitcoin, the monthly volume of transactions with foreign countries, which has recently decreased by 50%, will be able, the head of the Central Bank hopes, to recover to a higher level.
The Central Bank has launched an educational program for students and journalists. The training seminars will include talks on the basic principles of cryptocurrencies, regulatory aspects and risks associated with digital assets.
The Central Bank of Bolivia has been skeptical of cryptocurrencies for many years because of their volatility. However, at the end of June, the regulator lifted the ban on transactions with bitcoin.