The president of the businessmen of La Paz, Rolando Kempff, stated that this determination will also benefit the economic development of the highland country because it will allow economic and commercial movement at the national level.
With the announcement of the lifting of the restriction on digital assets in Bolivia, the Federation of Private Entrepreneurs of La Paz (FEPLP) announced that the payment system with cryptoactive assets will be used because it is another alternative for money transactions.
The president of the businessmen of La Paz, Rolando Kempff, stated that this determination will also benefit the economic development of the highland country because it will allow economic and commercial movement at the national level.
“It is an issue that the Central Bank has offered us and we are going to proceed to use it,” Kempff told the media.
He added that "everything that is a payment system through the web, the (mobile) telephone, and various means, are important, they move the economy, they move commerce and they move the economic development of the country."
Kempff assured that commerce through digital assets is another alternative for national commerce, which will allow transactions for different commercial activities to be carried out.
The Central Bank of Bolivia (BCB), in coordination with the Financial System Supervision Authority (Asfi) and the Financial Investigations Unit (UIF), lifted the restrictions on the use of virtual assets that were established in December 2020, after the recommendations of the Latin American Financial Action Task Force (GAFILAT).
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The measure was authorized with Board Resolution 084/2024 of June 25, which nullified Resolution 144 of December 15, 2020; that prohibited “financial entities from using, marketing and negotiating crypto assets in the national payment system because these are not legal tender in the country.”
On Sunday, the president of the issuing entity, Edwin Rojas, pointed out that the use of digital assets can be very useful and practical for merchants or for families who transfer resources abroad to carry out their different activities.
He explained that foreign transactions of less than Bs 100,000 (US$ 14,101) fell from 12,000 monthly operations to 5,000 and that now digital assets can help recover this level.
He clarified, however, that digital assets also have risks, such as losses and scams, "that's why we let people make their decisions responsibly."
It should be noted that these digital assets are not legal tender, so they do not constitute cash.
