Bolivia

Bolivia’s Growing Reliance on Crypto

Bolivia was once among the last Latin American countries to resist digital assets. But in June 2024, it lifted its long-running crypto ban, allowing banks to process Bitcoin and stablecoin transactions. Since then, adoption has spread quickly.

In March, the state-owned oil and gas company YPFB gained approval to accept crypto for fuel imports, a response to the country’s worsening currency shortage. Shops at airports have even started pricing goods in USDT, while import businesses rely on stablecoins to pay foreign suppliers.

According to Trading Economics data, Bolivia’s foreign exchange reserves have declined by 98% over the past ten years, falling from $12.7 billion in 2014 to just $171 million in August 2025. While locals still use the boliviano in daily life, many are turning to stablecoins or dollars to protect their purchasing power.

Politics and the Road Ahead

Bolivia heads into a run-off election on October 19. Candidate Rodrigo Paz Pereira has proposed blockchain for transparency, while his rival Jorge “Tuto” Quiroga has kept his crypto stance vague. The winner will inherit the challenge of stabilizing an economy under severe strain.

This trend demonstrates that crypto is not only an investment instrument in Bolivia, but it has turned into a lifeline of trade, business, and even car buyers. The narrative is an indication of how economic crises can hasten the use of digital currency across the globe.

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Three major international vehicle manufacturers have started accepting a Tether in Bolivia to navigate its collapsing US dollar reserves, marking a major step in the Latin American country’s crypto adoption.

Tether CEO Paolo Ardoino shared that Toyota, Yamaha, and BYD are taking Tether (USDT) for payment on Sunday, while crypto security firm BitGo confirmed the first Toyota was purchased in Bolivia with USDT on Saturday.

Pictures shared by Ardoino show a dealership displaying signs that advertise USDT as an “easy, fast, and safe” payment option for car purchases.

BitGo said it partnered with Tether and Bolivia Toyota to assist it with self-custody while ensuring the transactions run smoothly

Source: Paolo Ardoino

Bolivia was one of Latin America’s last crypto n bholdouts until June 2024, when it lifted its long-standing crypto ban and allowed banks to process Bitcoin (BTC) and stablecoin transactions.

One of the first big adoption stories came in March when Bolivian state-owned oil and gas firm Yacimientos Petrolíferos Fiscales Bolivianos received government approval to start accepting crypto for fuel imports as a solution to the country’s deepening US dollar shortages.

Bolivia’s foreign exchange reserves have fallen a staggering 98% from $12.7 billion in July 2014 to $171 million this August, Trading Economics data shows. The Bolivian boliviano remains the most widely used currency in Bolivia; however, fears over it losing purchasing power have pushed many locals to prefer more stable alternatives like the US dollar or, in some cases, crypto.

Bolivia’s top bank even called crypto a “viable and reliable alternative” to fiat currencies while signing a memorandum with El Salvador to accelerate crypto adoption in late July.

Source: BitGo

Meanwhile, Bolivian shops at airports have been pricing basic items in USDT as a way to navigate the currency crisis.

Bolivian businesses are relying on stablecoins for international trade

Bolivian businesses that import products have also been using USDT to work around US dollar shortages, TowerBank’s head of digital assets, Gabriel Campa, told Bitfinex last Tuesday.

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They buy stablecoins locally or via offshore bank accounts, convert them to US dollars, and pay overseas suppliers. Some of these products are then listed in USDT, enabling a stablecoin circular economy to keep trade and operations running, he said.

Bolivia’s crypto market surged, daily USDt liquidity grew from $20K to nearly $1M in under a year.@gcampa86 explains why @towerbankintl is focused on this growth and helping re-establish trade connections. pic.twitter.com/sepWo8Ef8p

— Bitfinex (@bitfinex) September 19, 2025

Bolivia’s future will be decided in October

Bolivia will hold a run-off vote between Rodrigo Paz Pereira’s Christian Democratic Party and Jorge “Tuto” Quiroga’s Freedom and Democracy alliance on Oct. 19.

To tackle corruption, Paz Pereira has proposed implementing blockchain technology for greater transparency, while Quiroga’s stance on crypto is less clear.

The winning party will lead Bolivia after nearly two decades under the Movement for Socialism, which has borne much of the blame for the country’s current economic crisis.

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Toyota, Yamaha, and BYD Accept Tether in Bolivia Amid Dollar Crisis

Bolivia’s Growing Reliance on Crypto

Politics and the Road Ahead

Toyota, Yamaha Accept USDT in Bolivia as US Dollar Reserves Shrink

Bolivian businesses are relying on stablecoins for international trade

Bolivia’s future will be decided in October