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Bolivia studies USDT payments
Bolivia is weighing whether to integrate Tether’s USDT into its national payments system as the country grapples with a prolonged shortage of foreign currency.
“as just another currency”
Economy and Public Finance Minister José Gabriel Espinoza said the government is assessing a regulatory structure that would allow USDT to circulate “as just another currency.”
Crypto transaction volumes in Bolivia jumped to $430 million in the year after the central bank removed restrictions in mid-2024, according to CryptoRank.
CoinDesk reported that the proposal remains under technical review and that the government has not published implementation rules or granted the stablecoin legal-tender status.
FATF grey list shapes rules
Any rollout, Espinoza said, would depend on strong safeguards, including anti-money laundering controls, because Bolivia remains on the Financial Action Task Force (FATF) grey list for deficiencies related to preventing money laundering and terrorist financing.
CoinDesk added that any rollout would require stronger anti-money laundering controls as Bolivia remains on the Financial Action Task Force's grey list, which subjects the country to increased monitoring over shortcomings in its financial crime regime.
Crypto transaction volume rose from $46.5 million in the first half of 2024 to $294 million during the same period last year, and the central bank said total transaction volume rose 630% after restrictions were removed.
CryptoBriefing said the initiative forms part of a wider strategy under President Rodrigo Paz Pereira to integrate digital assets into the formal banking sector, beginning with stablecoins.
Banks already offer USDT
While Bolivia has not finalized a legal framework for integrating USDT into its payment system, local banks have already begun supporting USDT services, including Banco Unión and Banco FIE.
“as just another currency, like the dollar, like the Bolivian boliviano”
Cryptopolitan reported that Espinoza said the government is working on and technically evaluating the possibility of including USDT in the Bolivian payment system, so it circulates “as just another currency, like the dollar, like the Bolivian boliviano,”.
Crypto News said Bolivia’s banking sector already provides services linked to USDT and that formal recognition would establish a regulatory framework around an existing trend.
Beyond payments, Crypto Briefing said the plan will allow banks to offer crypto-based savings accounts, credit cards, and loans, marking a major policy shift in the country.
