Bolivia has committed to developing a regulatory and supervisory mechanism for cryptocurrencies as part of an economic program with the International Monetary Fund (IMF). According to a memorandum signed on September 10 by the Ministry of Economy and Public Finance of the country, the new rules aim to reduce illegal capital outflows through cryptocurrency markets. Although specific implementation timelines have not yet been established, the government intends to create a "reliable" regulatory system for virtual assets, which should strengthen the country's financial stability.
The planned regulation has arisen in the context of economic pressure on Bolivia, where the dollar shortage has significantly increased demand for stablecoins such as USDT. Tether's CEO, Paolo Ardoino, noted that the use of USDT in the country is rising, especially given the lack of dollar reserves. In response, Bolivian authorities are considering the formal integration of the stablecoin into the national payment system to facilitate transactions and offer alternative payment methods amid growing difficulties in accessing foreign currency.
Bolivia is under the scrutiny of the FATF, highlighting the need to strengthen anti-money laundering controls and financial oversight. The government has stated the need to improve the financial monitoring system to meet international standards and minimize risks associated with virtual assets. In this context, the IMF's economic program, which amounts to approximately $1.9 billion over 36 months, also includes measures related to fiscal policy, currency control reforms, and strengthening anti-money laundering legislation.
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