May 8, 2025 — Bolivia, a country that previously banned the use of the financial system to purchase cryptocurrencies, is now taking an important step as the Central Bank of Bolivia (BCB) announces the launch of a national digital currency, called the "Virtual Boliviano", aimed at modernizing the payment system and promoting international payments.
According to Edwin Rojas Ulo, President of the Central Bank of Bolivia, the design and technical consultation process is underway, with support from international organizations and central banks in the region. The plan is expected to be officially announced on August 6, 2025, commemorating Bolivia's 200th anniversary of independence.
Although not many specific details have been disclosed, Mr. Rojas stated that the "Virtual Boliviano" will be an important part of the strategy to reduce dependence on the US dollar (de-dollarization), while supporting the liberation of foreign exchange reserves by increasing efficiency in cross-border payments.
Bolivia's pursuit of a national digital currency marks a clear policy shift. Previously, the country had banned crypto transactions through the banking system. However, after the ban was lifted, the volume of digital asset transactions in Bolivia doubled in just three months, reflecting strong demand and interest from the population.
Notably, Bolivia has also begun accepting stablecoins as an alternative to USD in the context of tight foreign currency supply due to exchange rate control policies. In an effort to adapt, the government is also building a system that allows the use of crypto in energy import transactions, although no transactions have been made yet.
The "Virtual Boliviano" project will not only help Bolivia catch up with the global financial digitization trend but also serve as a symbol of independent financial strategy and modernization of payment infrastructure. By leveraging new financial technology, Bolivia hopes to enhance financial accessibility, reduce international money transfer costs, and build a monetary system suitable for the rapidly developing digital economy.
