Bolivia goes to elections and candidates put the magnifying glass in cryptocurrencies

The race for the presidency of Bolivia is underway and eight candidates aspire to take the reins of the South American country, hoping to be elected in the first round that will take place on August 17.

These are elections that are held within the framework of a country immersed in an economic crisis, marked by a strong shortage of dollarsthe Highest inflation in decades, shortage of fuel and basic products, collapse of exports, and 100%exchange gap.

Such a situation has led to the current government of Luis Arce to open the doors to the cryptocurrency sector, looking for an exit to the problem.

The current president’s strategy represents a 180 degree turn in government policies, which until last year prevented the free marketing of cryptoactives.

Now, after a series of changes in regulation, the use of Bitcoin shot at 630% in one year, according to data from the Central Bank of Bolivia (BCB). The adoption is still booming and everything points to an important growth of the Bolivian ecosystem. A fact that presidential candidates They cannot ignore.

And when a few days are missing for the elections, the issue of cryptocurrencies highlights as One of the most named Within the electoral campaign.

Hence the statements of the economic teams of the two favorite candidates in these elections, according to surveys: Samuel Doria Medina (Unit Alliance) and Jorge Quiroga (Free Alliance).

«We will have to put order«

If Samuel Doria Medina wins the presidential elections of August 17 in Bolivia, José Gabriel Espinoza will be his Minister of Economy.

For the economist, who identifies with the libertarian ideas of Argentine president Javier Milei, the way in which the current government allowed the use of cryptocurrencies has not been structured.

The introduction of cryptocurrencies was more an exhaust valve to the scarcity of currencies. The crypto market has introduced a lot of volatility in changing quotes, and we believe this market must be ordered.

José Gabriel Espinoza, Economic Chief of Alliance Unit.

However, it considers that the integration of the stablecoins into the payment system, which will be launched next November, will help reduce volatility and allow cryptocurrency They are used more orderly.

“It will be a favorable measure for the financial system, which we could maintain while we resume control of exchange policy,” he concludes.

Thus raises the application of a series of alternate measures to face the crisis. This, taking into account that the Bolivian cryptocurrency market is still incipient.

“They are being traded between 650,000 and 700,000 USDT per day. When you think about that figure, it is very small for an economy.”

«We want them to be totally legal”

Ramiro Cavero will be the Minister of Economy of Bolivia in case the winner of the elections is the candidate Jorge Quiroga.

In his statements to local media, he thinks that the government’s strategy with cryptocurrencies has helped partially relieve The economic crisis.

One of the few things that the Arce government has done well is to allow the use of cryptocurrencies, at least the USDT. This has helped relieve pressure on the exchange rate, since it is a useful option to send money to your children, make payments or even travel, if you do not have large quantities.

Ramiro Cavero, Economic Chief of Alianza Libre.

For cavero, cryptocurrencies – mainly stable currencies – can become a important source of dollars For Bolivia. “We want them to be totally legal and work well, with clear and transparent controls,” he said.

It highlights, therefore, the need for A good regulation of the Bitcoin ecosystem as a way to avoid its illicit use, especially to prevent money laundering.

In this way, both Doria Medina and Quiroga’s economic teams agree that the opening to cryptocurrencies implemented by the current government was more an inevitable resource than an active policy. However, both plan to maintain the strategy.

Everything indicates that Cryptocurrencies will continue to play an important role in Bolivia In the next 5 years, in case the predictions that place these two candidates as potential leaders are fulfilled.