Bolivia, which initially banned the use of its financial system for purchasing cryptocurrency, is now planning to launch its own cryptocurrency as part of a push to modernize the country’s payment ecosystem.

Edwin Rojas Ulo, president of the Central Bank of Bolivia, stated that the institution is currently in the process of designing the currency system to present to the general public during the bicentennial anniversary of Bolivia’s independence celebration, scheduled for August 6.

While he did not provide many details on the subject, Rojas Ulo mentioned that the bank is considering the experiences of other international institutions.

According to local media, he stated:

Preliminary work is being done in connection with the advice received from international organizations. We also have close ties with other central banks in the region that are conducting these types of tests on virtual currencies.

Rojas Ulo also highlighted the potential implementation of this currency to conserve foreign currency, including dollars, in cross-border payment scenarios. “It is intended to modernize the payment system; to the extent that the payment system can be modernized, especially for cross-border payments, it could release reserves,” he stated.

He noted that a structured proposal for the currency would be revealed in August, when the details of the “virtual boliviano” would be outlined.

Since the Central Bank allowed Bolivians to use their bank accounts to purchase cryptocurrency, the adoption of digital assets in the country has skyrocketed, doubling its volumes within just three months of lifting these limits.

Additionally, the country has opened its doors to using stablecoins as a dollar proxy, as it faced foreign currency scarcity due to restrictive currency exchange policies. In this context, the country acknowledged that it has set up a system to rely on cryptocurrency for energy imports, even though no transactions have been completed.

Nonetheless, Rojas Ulo’s statements about the upcoming digital currency represent a significant national turnaround regarding crypto assets and the policies surrounding their use.

Read more: Central Bank of Bolivia Unbans Bitcoin From the Nation’s Financial Ecosystem

Read more: Crypto Trading Volumes Double After Lifting of Ban in Bolivia

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