Edwin Rojas: “Bitcoin can restore the Bolivian economy”
Date: 2024-07-05 Author: Henry Casey Categories: IN WORLD
Edwin Rojas, Governor of the Central Bank of Bolivia, is confident that the introduction of Bitcoin can revive the country's economy. In his opinion, cryptocurrencies can become an effective tool for both domestic and cross-border payments. Thanks to less dependence on traditional banking systems, cryptoassets can significantly simplify and speed up transactions, which is especially important in the context of current economic instability.
Benefits of using cryptocurrencies
Bolivia faces serious economic difficulties, including a shortage of US dollars. Rojas believes that the introduction of Bitcoin will help solve this problem. He notes that the volume of transactions with foreign countries, which has recently declined by 50%, could recover to higher levels thanks to the use of Bitcoin.
“With the help of Bitcoin, the monthly volume of transactions with foreign countries will be able to recover to a higher level,” hopes the head of the Central Bank.
Educational program of the Central Bank
The Central Bank of Bolivia has launched an educational program for students and journalists. The goal of the program is to increase awareness of cryptocurrencies, their operating principles, regulatory aspects and associated risks. Training seminars include discussions of the basic principles of how cryptocurrencies work and the legal aspects of their use.
Reconsidering attitudes towards cryptocurrencies
For many years, Bolivia's Central Bank has been skeptical of cryptocurrencies due to their volatility. However, at the end of June, the regulator lifted the ban on transactions with Bitcoin. This step indicates a significant change in the position of the Central Bank, which now sees in cryptocurrencies the potential for stabilizing and developing the economy.
“The introduction of cryptocurrencies could be beneficial as the country is experiencing economic difficulties and a shortage of US dollars,” said Edwin Rojas.
The introduction of Bitcoin and other cryptocurrencies could be an important step in restoring and strengthening the Bolivian economy. The Central Bank's educational initiatives will help better understand and harness the potential of digital assets. Lifting the ban on Bitcoin transactions opens up new opportunities for the country's financial system, which could lead to an increase in the volume of international transactions and an improvement in the economic situation as a whole.
