Bolivia to pursue integrating stablecoins into its official financial system

Bolivia has announced plans to integrate stablecoins into its official financial system, Reuters reported. Bolivian Minister of Economy Jose Gabriel Espinoza stated that the country intends to allow cryptocurrencies to function like legal tender, which would permit banks to offer crypto-based deposits, credit cards, and loan services. He added that since cryptocurrencies are an uncontrollable global asset, Bolivia must accept them and use them to its national advantage.