Bolivia and El Salvador have signed a cooperation agreement in the field of digital assets aimed at exchanging experience and knowledge to create a regulatory framework in Bolivia.
Agreement between Bolivia and El Salvador
The Central Bank of Bolivia (BCB) has signed an agreement with El Salvador's National Commission for Digital Assets (CNAD). This agreement is aimed at conveying experience and knowledge that will assist Bolivia in creating a regulatory framework for digital assets.
The memorandum of understanding will facilitate cooperation between the two institutions, promoting the exchange of technical and regulatory expertise, including blockchain intelligence tools, risk analysis, and other relevant areas.
Development of Digital Assets in Bolivia
Since the issuance of Decree 082/2024 last year, Bolivia has witnessed significant growth in the digital asset space. The usage of these assets has skyrocketed from $46.5 million in June 2024 to $294 million in June of this year.
The Central Bank of Bolivia emphasizes its commitment to develop policies that modernize the financial system and deepen financial inclusion.
El Salvador's Role in Cryptocurrency Regulation
The National Commission for Digital Assets of El Salvador (CNAD) has emerged as a key player in the country’s innovation, security, and compliance within the cryptocurrency space. Since the passing of the Bitcoin Law in 2021, El Salvador became the first country to recognize Bitcoin as legal tender. Currently, the government of El Salvador holds 6,246 Bitcoins, valued at roughly $740.33 million.
The cooperation between Bolivia and El Salvador reflects the growing interest in digital assets in Latin America, highlighting the importance of exchanging expertise to form a safe and effective regulatory environment in this sector.
