Bolivia Explores Bitcoin Adoption Amid Economic Challenges and Partnership with El Salvador
Main Idea
Bolivia has partnered with El Salvador to promote cryptocurrency adoption, leveraging El Salvador's experience to modernize Bolivia's financial system amid economic challenges and increasing public interest in digital assets.
Key Points
1. Bolivia’s Central Bank signed a memorandum of understanding with El Salvador’s National Commission of Digital Assets to collaborate on financial modernization and crypto adoption.
2. Since lifting its crypto ban in June 2024, Bolivia has seen a surge in crypto trading, with volumes reaching $294 million by June 30, 2025, reflecting growing public confidence.
3. Some Bolivian shops have started pricing essentials in Tether (USDT) due to shortages of US dollars and import difficulties.
4. Bolivia's foreign reserves have plummeted 98% from $12.7 billion in 2014 to $165 million in April 2025, driving citizens toward cryptocurrencies as a hedge against inflation and currency devaluation.
5. The crypto agreement comes ahead of Bolivia’s general election on August 17, 2025, with potential implications for the country’s economic and political future.
Description
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