Lawmaker: Bolivia Will Move into Crypto Adoption Top 5

Adoption Latin America

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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November 6, 2024 10:00 EST

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A Bolivian lawmaker says her nation is ready to move into the crypto adoption “top 5” following recent legislative reform.

In an interview with Criptonoticias, Mariela Baldivieso, a member of the parliament representing the Comunidad Ciudadana (Civic Community) party, said that the “pure use of cryptoassets” could help boost the Latin American nation’s economy.

Crypto Adoption Top 5 Push for Bolivia?

Baldivieso has been pushing for pro-crypto policies since she was elected to parliament in 2020.

She spoke to the media outlet at the Latin American Bitcoin and Blockchain Conference in Buenos Aires.

Baldivieso claimed that Bolivian crypto adoption was already on the march, thanks to recent regulatory changes.

“We are calming an economic crisis thanks to the use of cryptoassets. It is a positive thing: [Bolivians] are trading crypto worth approximately $45 million per month since restrictions were lifted.”

Bolivian lawmaker Mariela Baldivieso

The lawmaker said that politicians had already begun “working on” bills that could help protect crypto investors and boost public knowledge about the world of blockchain.

“I think Bolivia has a lot of potential. In fact, I think we will soon be at the top of the adoption lists. Venezuela and Argentina are at the top. And I think Bolivia will soon be in the top five. Bolivians are businesspeople at heart. And, unfortunately, the economic situation is limiting us, so now we are quickly adopting [crypto].”

Bolivian lawmaker Mariela Baldivieso

Pace of Reform Accelerating?

Baldivieso pointed out that Bolivia was “the number one Spanish-speaking country” in QR code adoption, a fact that would help people “get started” with crypto.

She also claimed that much had changed since 2020, claiming that it was “sad to see” how far behind Bolivia was with crypto regulations.

But, she said, the law now allows “payment platforms of every kind to come to Bolivia and set up shop.”

She said that she and other pro-crypto politicians were “making alliances with blockchain associations in Bolivia.”

They are also partnering with universities that are now teaching “basic courses on blockchain technology.”

The courses also teach people about what cryptoassets, are and how they can avoid falling for crypto-themed scams.

Farmers to Turn to Crypto?

The lawmaker said she was working with “various NGOs” to bring crypto-themed education “to indigenous communities, who may need other forms of education.”

Baldivieso explained that farmers who export products like soybeans could use crypto as a remittance tool, thanks to “low commission fees.”

She also said she hoped to introduce legislation that would help legalize crypto mining.

Baldivieso said she had been in contact with “several mining companies” who say they will only consider a move to the Latina American nation if they feel regulation is sufficiently robust.

The lawmaker concluded that a thriving crypto mining industry could help revamp the nation’s flagging energy sector.

In July this year, Reuters reported that Bolivian gas production “has halved from a peak a decade ago,” with oil output “at its lowest since the 1990s.”