“Something very useful and practical” is how the Central Bank of Bolivia now sees Bitcoin

After making the historic decision to remove the ban that had existed for 10 years, the Central Bank of Bolivia (BCB) is beginning a new stage in its relationship with the bitcoin (BTC) ecosystem. And although it still expresses some misgivings about the volatility of cryptocurrencies, the organization is leaving behind a long period of extreme rejection of these assets.

This is what is evidenced by the recent statements of the president of the monetary entity, Edwin Rojas, who in conversation with local media said that The use of bitcoin and other cryptocurrencies in Bolivia “can be very useful and practical” for merchants, and even for families that transfer resources abroad.

These operations with digital assets are characterized by being decentralized, they operate through the internet and can favor the development of the productive sector and commercial and private activities for the purchase of services and, of course, satisfy the different needs of the population.

Edwin Rojas, president of the BCB.

In addition, “there is a range of digital assets that allow users to buy them and generate profits,” Rojas said, citing the case of bitcoin in particular. Although he adds that “they can also generate losses due to volatility.”

He also highlighted The role that stablecoins playdue to its 1:1 backing in currencies such as the dollar. “So, it is as if one were transacting in North American currency, although what one is doing are operations with these digital assets,” Rojas explained.

With this he made it clear that these coins can help Bolivians access dollars that they need and that most sectors of the economy demand, in the midst of a crisis that has led to massive protests.

Rojas confessed that, given the shortage of US currency, Bolivia registers a 50% drop in the volume of monthly transactions abroad. It expects this volume to recover and return to acceptable levels thanks to cryptocurrency operations.

He indicated, in this regard, that the authorization for the use of bitcoin aims to make the Bolivian financial system more efficient, legalizing a system that was already being usedHowever, he insisted that the only legal currency is the boliviano.

Entrepreneurs willing to deal with cryptocurrencies

In the context of the reactions that have arisen as a result of the lifting of the ban, various sectors of the Bolivian economy have been speaking out on the issue.

Among them is the president of the Federation of Private Entrepreneurs of La Paz (FEPLP), Rolando Kempff, who assured that they were invited to join the ecosystem, receiving the invitation from the Central Bank to carry out operations with cryptocurrencies.

“We are going to proceed to use crypto assets,” said the businessman, affirming the willingness of the union he represents to accept the call and use cryptocurrencies as a alternative for making transactions with foreign currencies.

This is a new context in which the monetary entity also is set to offer training on cryptoassets to different sectors of the population. As announced by the BCB on its official website, the educational plan begins with the journalistic guild, which will be trained on “the proper management of public information regarding virtual assets.”

Training programs will begin on July 5 with journalists from the capitalLa Paz, and other cities in the country. In these workshops they will discuss the concepts, characteristics, regulatory aspects, security and risks of cryptocurrencies.

In a second stage, training is planned for students from schools and universities, as well as for various sectors that require information on cryptocurrency buying and selling operations.

Such events represent the beginning of A new phase for the Bolivian ecosystemwhich is preparing to get the authorities to approve favorable regulations for technological innovation and the modernization of the country’s financial system.