Bolivia Partners with El Salvador to Boost Crypto Adoption Amid 630% Growth
The post Bolivia Partners with El Salvador to Boost Crypto Adoption Amid 630% Growth appeared on BitcoinEthereumNews.com. Bolivia’s Central Bank has signed a memorandum of understanding (MOU) with El Salvador’s National Commission of Digital Assets (CNAD). The collaboration seeks to develop and regulate the use of digital assets in the country. In the face of Bolivia’s economic challenges, the BCB also called cryptocurrencies a ‘viable and reliable alternative’ to traditional fiat currencies. This strategic move comes as Bolivia experiences a remarkable 630% surge in domestic cryptocurrency transactions. This signals growing adoption and interest in digital assets. Bolivia Strengthens Crypto Ecosystem with El Salvador Partnership In a press release dated July 30, Banco Central de Bolivia (BCB) revealed that the goal of this agreement is to leverage El Salvador’s expertise. The country has been a pioneer in the regulation and use of digital assets. It was the first nation to adopt Bitcoin as legal tender in 2021. “Both entities also commit to promote the exchange of experiences and technical and regulatory knowledge on the subject, including the use of blockchain intelligence tools, risk analysis, etc., within the framework of their regulatory competencies,” the press release reads. This partnership aims to help Bolivia develop a regulatory framework for cryptoassets, fostering safe and regulated ecosystems that will be attractive for investment. Juan Carlos Reyes García, the President of CNAD, and Edwin Rojas Ulo, the acting president of the BCB, signed the MoU. “The agreement, which is effective from this date and for an indefinite period, consolidates the progress made in the use of digital assets as a viable and reliable alternative to traditional currencies, especially for families and small entrepreneurs,” the bank added. The BCB also emphasized its commitment to developing policies that will modernize Bolivia’s financial system. These policies are designed to enhance financial inclusion, ensuring that more people have access to modern financial tools, including digital assets. In…
The post Bolivia Partners with El Salvador to Boost Crypto Adoption Amid 630% Growth appeared on BitcoinEthereumNews.com.
Bolivia’s Central Bank has signed a memorandum of understanding (MOU) with El Salvador’s National Commission of Digital Assets (CNAD). The collaboration seeks to develop and regulate the use of digital assets in the country. In the face of Bolivia’s economic challenges, the BCB also called cryptocurrencies a ‘viable and reliable alternative’ to traditional fiat currencies. This strategic move comes as Bolivia experiences a remarkable 630% surge in domestic cryptocurrency transactions. This signals growing adoption and interest in digital assets. Bolivia Strengthens Crypto Ecosystem with El Salvador Partnership In a press release dated July 30, Banco Central de Bolivia (BCB) revealed that the goal of this agreement is to leverage El Salvador’s expertise. The country has been a pioneer in the regulation and use of digital assets. It was the first nation to adopt Bitcoin as legal tender in 2021. “Both entities also commit to promote the exchange of experiences and technical and regulatory knowledge on the subject, including the use of blockchain intelligence tools, risk analysis, etc., within the framework of their regulatory competencies,” the press release reads. This partnership aims to help Bolivia develop a regulatory framework for cryptoassets, fostering safe and regulated ecosystems that will be attractive for investment. Juan Carlos Reyes García, the President of CNAD, and Edwin Rojas Ulo, the acting president of the BCB, signed the MoU. “The agreement, which is effective from this date and for an indefinite period, consolidates the progress made in the use of digital assets as a viable and reliable alternative to traditional currencies, especially for families and small entrepreneurs,” the bank added. The BCB also emphasized its commitment to developing policies that will modernize Bolivia’s financial system. These policies are designed to enhance financial inclusion, ensuring that more people have access to modern financial tools, including digital assets. In…
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