Bolivia’s president-elect, Rodrigo Paz, wants to use blockchain technology to fight corruption and rebuild public trust. After winning the recent run-off election with 54.5% of the vote, Paz said his government will focus on fairness, technology, and accountability.
He takes office on November 8, facing a tough economy marked by fuel shortages and a shortage of U.S. dollars. One of Paz’s key ideas is to apply blockchain and smart contracts to how the government buys goods and services.
His plan aims to reduce corruption in public procurement by using transparent, automatic systems.
In simple terms, smart contracts can handle agreements digitally. Once the terms are met, they execute automatically, leaving no room for manipulation. This system could make it harder for officials to misuse public funds or award contracts unfairly.
Including Crypto in Bolivia’s Economy
Paz’s second proposal involves allowing citizens to declare their crypto assets into a new foreign-exchange stabilization fund. This fund would help the government manage its currency and pay for imports when dollar reserves are low.
By accepting declared crypto, Bolivia could expand its financial resources and improve liquidity without holding risky or volatile tokens directly.
While Paz supports blockchain for efficiency and transparency, he is not pushing for Bitcoin adoption like El Salvador. His approach is more practical, using crypto tools to strengthen Bolivia’s economy rather than replace its national currency.
JUST IN: 🇧🇴 Bolivia lifts ban on #Bitcoin and crypto payments, officially making it legal for financial entities.
— Watcher.Guru (@WatcherGuru) June 27, 2024
Bolivia’s Crypto-Friendly Shift
Bolivia has already begun softening its stance toward crypto. The central bank lifted its ban on digital assets in 2024, and trading volumes have since grown sharply. Some local companies and banks now accept USDT payments, marking a slow but steady shift toward digital finance.
If Paz delivers on his promises, Bolivia could become a model for how blockchain can improve governance and emphasize honest reform.
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