Bolivia Plans to Incorporate Cryptocurrency into the Formal Financial System

BlockBeats News, November 26th, according to Reuters, Bolivia's Minister of Economy, José Gabriel Espinoza, said on Tuesday that Bolivia is negotiating to obtain over 90 billion U.S. dollars in multilateral financing for public and private projects.

Espinoza stated that as part of a broader modernization drive, the Bolivian government will incorporate cryptocurrency into the formal financial system, starting with a stablecoin.

Espinoza said that Bolivian banks will be allowed to offer cryptocurrency services, enabling it to "begin to operate as a legal payment instrument." These services will include savings accounts, credit cards, and loans.