Bolivian National Deputy Mariela Baldivieso is spearheading an initiative to legalize cryptocurrencies in Bolivia.

The proposal aims to lift the current ban on crypto assets and urges the Ministry of Economy and Public Finance to establish regulatory norms.

"Bolivia needs to embrace new technologies as a transformative opportunity to strengthen our economy, promote financial inclusion, and open the doors to technological innovation," Baldivieso told Benzinga. "It's time to move towards a more prosperous future with more opportunities for the youth and citizens of our nation."

Driving Bolivia into the Digital Age

Baldivieso, a representative of the Citizen Community (CC), is pushing for a more inclusive digital and technological economic era in line with international standards. "This measure represents an opportunity to boost economic development and position Bolivia as a relevant player in the digital evolution transforming finance and trade," Baldivieso stated. She openly invites experts, government leaders, and international private company representatives to join the task force aimed at promoting the Web3 ecosystem in Bolivia.

The Power of Web3

Kristopher Panana, an advisor to Deputy Baldivieso, commented, "Deputy Baldivieso's initiative paves the way for an inclusive economy. Web3 has the potential to significantly impact citizens' lives and nations' development."

Mauricio Ramos, another advisor, added, "Supporting Deputy Baldivieso's initiative on the Crypto Assets Law in Bolivia will make Blockchain and Web3 technology key to driving development and financial social inclusion, accelerating Bolivia's future in new international tech markets."

Deputy Mariela Baldivieso, along with her team of advisors, Mauricio Ramos and Kristopher Panana.

Ramos and Panana will be present at Benzinga’s Future Of Digital Assets Conference in New York on Nov 14. If you’re looking to expand your WEB3 Startup in Latin America, get your tickets now and come talk to them firsthand to learn all about crypto communities in the region and their legislations.

This initiative is backed by organizations like the Blockchain Association Bolivia, Bitcoin Community Bolivia, Ethereum Community Bolivia, Startups Bolivia, and the Fintech Chamber Bolivia, among others. They highlighted that in a context of dollar scarcity, digital instruments like crypto assets could be an escape valve to channel economic flow.

The proponents warned that obstacles associated with banking systems and international blockades hinder fund transfers. However, through the use of crypto assets, transactions can be conducted swiftly and without bureaucracy, streamlining investment and invigorating the economy.

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