Bolivia's President-elect Advocates for Blockchain to Combat Government Corruption
Economy/Politics/Tech

Bolivia's President-elect Advocates for Blockchain to Combat Government Corruption

Rodrigo Paz, the newly elected president of Bolivia, aims to integrate blockchain technology into public procurement processes and allow crypto asset declarations to bolster a new stabilization fund.

Bolivia’s recently elected President Rodrigo Paz intends to use blockchain technology to address government corruption. According to a report by the Associated Press, Paz secured a victory over rival candidate Jorge Quiroga with 54.5% of the votes. He is expected to take office on November 8.

The President’s agenda includes two specific initiatives for cryptocurrency and blockchain:

  1. Utilizing Blockchain in Public Procurement: The official government platform proposes to implement blockchain technology and smart contracts, aiming to reduce corruption in state purchases by automating contract processes.

  2. Crypto Asset Declarations: Citizens would be allowed to declare their cryptocurrency holdings into a new foreign exchange stabilization fund, enhancing the government’s ability to manage currency reserves and stabilize essential imports during US dollar shortages.

Paz’s strategy showcases a pragmatic approach towards cryptocurrencies, framing them as tools against corruption while simultaneously not committing to Bitcoin at the national level. The policy proposals come as Bolivia has lifted its ban on crypto transactions and is moving towards regulating the digital asset landscape.

Blockchain Joins Bolivia’s Reform Agenda

Paz’s proposals represent a significant shift in Bolivia’s economic policies, particularly concerning digital asset regulation. They echo a broader trend of modernizing payment systems and enhancing financial inclusion through digital currencies, a conversation that continues as Bolivia explores potential partnerships and frameworks with countries like El Salvador.

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