BOLIVIAN digital
The Central Bank of Bolivia is working on the design of a digital currency, also known as CBDC (Central Bank Digital Currency), to modernize the payment system and facilitate international transactions. This project, called "virtual boliviano", aims to improve the payment ecosystem in Bolivia.
The digital currency aims to facilitate transactions and enhance the efficiency of the Bolivian financial system.
The CBDC could facilitate money transfers across borders and reduce associated costs.
The project will be presented on the bicentennial of Bolivia's independence, on August 6.
Bolivia lifted the prohibition on using the financial system to buy cryptocurrencies in June 2024.
The Central Bank of Bolivia has been working on the design of the CBDC since 2023.
The CBDC is expected to be used as an alternative to dollars and other foreign currencies for international transactions.