📢 Bolivia 🇧🇴: The Central Bank approves the use of electronic wallets and virtual card issuance

📢 Bolivia 🇧🇴: The Central Bank approves the use of electronic wallets and virtual card issuance

Bolivia, a landlocked country with a predominantly indigenous population that values coca leaves (not to be confused with cocaine), now officially embraces digital technology. As announced by the Central Bank.

➡️ To register your payment gateway in Bolivia, you must refer to the Central Bank Board of Directors Decree N° 111/2024 of September 26.

➡️ Additionally, the Central Bank will conduct seminars to train financial institution personnel and users, explaining the concept of digital wallets and their positive impact on society and the payment infrastructure.

➡️ Context: Bolivia has a population of 11,312,620 people and a GDP of $10,693 USD. In 2023, there were 147 startups in the country, with 30% (40 startups) classified as fintechs—a significant increase from 13% just a few years ago.

➡️ Additional Facts: Due to a shortage of dollars, Bolivia has implemented restrictions on the use of credit and debit cards abroad, with some banks permitting only $50 USD per month or even less, as reported by Infobae. Digital wallets could provide a crucial solution in this context.

#news #Bolivia

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