Fiat currency inflation, US dollar shortages, and global competition are prompting the government to integrate cryptocurrencies.
The government of Bolivia will integrate cryptocurrencies and stablecoins into the financial system in a push to modernize the country’s economy, Bolivia’s economic minister, Jose Gabriel Espinoza, announced on Tuesday.
Banks will be allowed to custody crypto on behalf of clients, enabling digital currencies to function as a legal tender for savings accounts, credit products, and loans, according to Reuters.
“You can’t control crypto globally, so you have to recognize it and use it to your advantage,” Espinoza said.
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