Bolivia has signed an agreement with El Salvador to promote crypto as an alternative to traditional currencies amid its ongoing economic crisis.
Bolivia’s top bank called crypto a “viable and reliable alternative” to fiat currencies while signing a memorandum of understanding with El Salvador to accelerate crypto adoption.
The agreement, which will see the two countries collaborate on policy development and share crypto intelligence tools, aims to modernize Bolivia’s financial system and improve financial inclusion for families and small entrepreneurs, the Central Bank of Bolivia said in a letter on Wednesday.
Bolivia’s partnership with El Salvador is notable as El Salvador was the first country to make Bitcoin (BTC) legal tender, and could provide valuable insights into potential economic or regulatory challenges that Bolivia may face.
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