Crypto News: Bolivia Moves to Integrate Crypto and Stablecoins Into Financial System
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Bolivia plans to integrate crypto and stablecoins into its financial system. This aims to modernize the economy, allowing banks to custody crypto. The government of Bolivia will integrate cryptocurrencies and stablecoins into its financial system. This drive is trying to modernize the economy of the country. On Tuesday, Bolivia announced this by its economic minister, Jose Gabriel Espinoza. This will be a major policy departure of the country. Bolivia Embraces Crypto to Modernize Economy Cryptos will be permitted to be held in banks on behalf of customers. This will provide the legal currency for digital currencies. According to Reuters, they can be applied to savings accounts, credit products, and loans. Such a wide integration is indicative of a proactive approach. The aid talks were announced by Espinoza at a press conference on Tuesday, and he signaled that about a third of that financing would be received within 60 to 90 days. This is funding to supplement the crypto integration plans. Related Reading: Crypto News: Bolivia Considers Interbank CBDC Amid Rising Stablecoin Usage | Live Bitcoin News The U.S dollar bonds of Bolivia increased on Tuesday. The two were trading at their best levels since 2022. This was approximately 92 cents on the dollar each as per LSEG records. Bolivian bonds have increased by as much as 60 percent in the current year. This makes them among the best performers in the emerging market bond index of JPMorgan. It is not the borrowing of the public sector, Espinoza said. This is a new step in development. Its role in the private sector will be very significant, he added. This underscores a change towards a diversified economic policy. Bolivia is a leading producer of natural gas and grains, with an economic crisis. It is among its worst decades in decades. The foreign…
