Financial self-rescue driven by crisis: Bolivia incorporates stablecoins into its financial system

Mobile Payment Network News: Recently, the Bolivian government announced a major policy—incorporating stablecoins into its formal financial system, allowing stablecoins to be “used as legal-tender payment instruments.”

This policy shift was not achieved overnight but is a strategic modernization reform of the financial system driven by the country’s economic difficulties and market demand. Bolivia’s move not only responds to monetary and financial realities but also actively upgrades financial infrastructure, payment systems, and financial inclusion.

According to José Gabriel Espinoza, Minister of Economy of Bolivia, the government announced the inclusion of stablecoins into the formal financial system as part of financial modernization. The core measures include:

• Authorizing banks to provide services: allowing banks to offer savings accounts, credit cards, and loans related to cryptocurrencies.
• Granting payment instrument status: allowing stablecoins to be “used as legal-tender payment instruments.”
• Supporting fiscal reforms: this policy was announced alongside negotiations for multilateral financing exceeding $90 billion, the abolition of wealth tax and financial transaction tax, as well as cuts to public expenditure.

Background and Motivations: Financial Self-Help Driven by Crisis

Bolivia’s move is a direct response to its severe domestic economic realities, with main driving factors including:

• Currency depreciation and inflation: Bolivia has faced currency devaluation and inflation pressures in recent years, prompting citizens and businesses to seek asset preservation methods. Stablecoins, being pegged to the US dollar and relatively stable in value, are widely regarded as “digital dollar substitutes” for hedging against local currency volatility.
• Severe foreign exchange shortages: The country faces tight dollar reserves and limited foreign exchange circulation. Stablecoins provide a relatively free and transparent “dollar alternative channel” for businesses and citizens, reducing reliance on traditional foreign exchange markets.
• Explosive growth in civilian demand: Since the crypto ban was lifted in June 2024, Bolivia’s crypto asset trading has experienced explosive growth. In the first half of 2025, the value of crypto asset transactions through formal channels reached approximately $294 million, more than five times the approximately $46.5 million in the same period in 2024. This demonstrates strong underlying market demand.
• Enhancing financial inclusion: By integrating stablecoin services into the regulated banking system, there is potential to extend financial services to more underserved populations and promote fintech innovation.

Advantages of Stablecoins, Challenges, and Future Directions

Stablecoins offer a new pathway combining the advantages of traditional finance and digital assets, potentially playing an important role in environments with unstable currencies and frequent capital controls. Incorporating stablecoins into the financial system may bring some potential benefits, including:

• Providing new tools for value storage and payments: Stablecoins give citizens and businesses a relatively stable means of savings and an efficient payment tool, especially suited for cross-border payments and large transactions, improving financial accessibility and transaction convenience.
• Relieving foreign exchange pressures and promoting international trade: When official dollar channels are restricted, stablecoins offer a transparent “dollar substitute channel” for businesses and citizens, reducing reliance on traditional forex markets. The attempt by the national energy company to pay for imports with cryptocurrency also demonstrates its potential to break through foreign exchange controls and ensure critical supplies.
• Stimulating fintech innovation and ecosystem development: Allowing traditional financial institutions to participate in stablecoin transactions and custody creates space for fintech innovation, helping to build more flexible and modern financial infrastructure.

However, despite promising prospects, this transition also faces multiple risks and challenges:

• Need for完善监管框架：确保托管安全、防范洗钱、保护消费者权益和税务合规等都需要完善的法律和监管机制支持。玻利维亚已与萨尔瓦多签署合作协议，借鉴其经验共同制定数字资产监管标准。
• Stablecoin自身风险：稳定币的价值稳定性依赖于发行方的储备透明度和市场机制，并非无风险。若市场信心动摇，可能仍面临波动或赎回困难。
• 货币政策主权的潜在冲击：如果稳定币广泛替代本币进行支付和储值，可能削弱中央银行调控货币供应和金融稳定的能力。
• 社会适应与基础设施：对习惯传统金融体系的人群存在使用门槛，需要配套的基础设施建设和公众教育。

总体而言，玻利维亚将稳定币纳入金融体系的决策，是一场由经济危机倒逼、民间需求驱动、政府顺势引导的金融实验。它既是对现实困境的务实回应，也蕴含着对金融未来的主动布局。其最终成败，将高度依赖于监管的成熟度、制度的透明度以及社会的接受度，其结果将为全球数字货币与主权金融体系的融合提供宝贵经验。