The Central Bank of Bolivia discusses the potential benefits of cryptocurrencies and the utility of stablecoins as a substitute for the dollar

ChainCatcher news, according to Bitcoin.com, the President of the Central Bank of Bolivia, Edwin Rojas Ulo, mentioned the institution's recent shift in attitude towards cryptocurrencies and stablecoins. Rojas Ulo reportedly stated that he believes incorporating cryptocurrencies into the national financial system could bring benefits as an alternative solution, and discussed the role of stablecoins as a substitute for the dollar.

Rojas Ulo stated that the decentralization of crypto assets "will benefit commercial and private activities for purchasing services, and of course, it can meet different needs." However, he acknowledged that certain assets like Bitcoin can be used as investment tools to gain returns, but their volatility may be detrimental to users. Additionally, he mentioned that stablecoins like USDT, which are pegged to the dollar, provide different advantages for users who cannot access dollars.

However, the Central Bank of Bolivia emphasized that the only officially accepted currency in the country is the Boliviano, and Bolivians are not obligated to accept cryptocurrencies as a means of payment. Similarly, the bank warned that the risks associated with using and selling cryptocurrencies must be borne by their holders.