Latam countries are increasingly looking to integrate digital currencies as part of their financial systems. The Central Bank of Bolivia recently announced that it is taking the final steps to launch the digital boliviano, a national central bank digital currency (CBDC).

The initiative, announced in May and slated for an August launch, was delayed due to unknown reasons. Nonetheless, the Central Bank has stated that the new currency, backed by the Bolivian government, will be finally presented this month.

Edwin Rojas Ulo, President of the central bank, declared:

Since we authorized the use of virtual assets, the BCB had to keep pace with the advancements made by other central banks. Although we started late, we have received technical assistance that will allow us to make steady progress in the development of this virtual asset.

Bolivia lifted restrictions regarding the usage of digital assets in its financial system in June 2024. Since then, trading volumes have exploded, with Bolivians leveraging digital assets as dollar proxies in an economy subject to currency controls.

This upcoming CBDC is part of a push to modernize the national payments pipeline, offering a regulated alternative to existing cryptocurrencies and their increasing usage.

There is also a de-dollarization component in this launch, as Rojas Ulo had declared before that a national currency would benefit the country, as it could “release reserves” destined for these purposes in a context of dollar scarcity.

The launch of the digital boliviano would put Bolivia at the forefront of CBDC adoption, with countries like the Bahamas, Nigeria, and Jamaica, which have already issued similar currencies, and Russia and China, which are running state-wide pilots.

Read more: De-Dollarization Watch: Bolivia to Launch Digital Currency to Tackle Cross-Border Payments

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

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