Edwin Rojas is confident that the introduction of Bitcoin will revive the economy of Bolivia. Cryptocurrencies can be used for domestic and cross-border payments. Crypto assets can significantly simplify and speed up transactions, since they are less dependent on traditional banking systems, the Central Bank governor believes.
The introduction of cryptocurrencies could 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 fallen by 50%, could, the head of the Central Bank hopes, recover to a higher level.
The Central Bank has launched an educational program for students and journalists. The training sessions will include discussions on the basic principles of cryptocurrencies, regulatory aspects, and risks associated with digital assets.
Bolivia’s central bank has been skeptical of cryptocurrencies for years due to their volatility. However, in late June, the regulator lifted the ban on Bitcoin transactions.
Source: Bits
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