🔥 The people of Bolivia are turning to USDT instead of cash
In the face of an economic crisis, the people of Bolivia are increasingly favoring USDT – the USD-pegged stablecoin – for payments instead of using the Boliviano. Many stores are listing prices for products in USDT, ranging from candies to sunglasses.
Tether offers convenience through electronic wallets, aligning with the trend of digitization, and reflects a loss of trust in the local currency. The Central Bank of Bolivia has confirmed that some goods currently only accept USDT.
Once banning cryptocurrency, Bolivia lifted the ban in mid-2024. Crypto transactions reached nearly 49 million USD in Q3 2024, primarily involving stablecoins. Banco Bisa has launched a USDT custody service, making it easier and legal for the public to access.
Experts believe Bolivia could become a model for developing countries, but also warn that clear management policies are needed to control risks.