Bolivia to Regulate Crypto Under New IMF Economic Program
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- Bolivia’s Ministry of Economy pledged to build a crypto oversight framework as part of its IMF program.
- The plan aims to reduce illicit capital outflows through digital asset markets, though no deadline has been set.
- USDT usage has grown in Bolivia as the country deals with a dollar shortage.
- Officials are weighing a plan to let USDT operate inside the national payment system.
- Bolivia remains on the FATF grey list as it works to improve anti money laundering controls.
Bolivia has agreed to build a new regulatory framework for cryptocurrencies as part of a broader economic program with the International Monetary Fund. The government wants to limit illicit money leaving the country through digital asset markets.
The commitment appears in a memorandum from the Bolivian Ministry of Economy and Public Finance, dated September 10. It groups crypto oversight together with reforms to monetary policy, foreign exchange markets, pensions, and anti money laundering controls.
The document calls for a strong framework to regulate and supervise virtual assets. The goal is to reduce the risk of improper capital outflows and protect financial stability.
No deadline has been set for the new rules. The memorandum also does not name a single agency that would oversee the crypto sector.
This plan is part of a 36 month economic program agreed with the IMF. Staff from the fund and Bolivian officials reached a deal in July on an Extended Fund Facility, which still needs approval from the IMF Executive Board.
The broader program covers fiscal policy, foreign exchange reform, international reserves, and financial supervision. Bolivia’s government has valued the financing package at close to 1.9 billion dollars over three years.
USDT use grows during dollar shortage
Crypto activity has increased in Bolivia as the country struggles with a lack of U.S. dollars. Businesses and residents have turned to dollar backed alternatives to manage the shortfall.
USDT has become one of the most visible options. Tether CEO Paolo Ardoino said in August that use of the stablecoin was rising in Bolivia and other economies facing monetary instability.
Bolivia’s central bank now publishes a reference USDT exchange rate based on peer to peer trading on Binance. Data from Chainalysis shows an estimated 14.8 billion dollars in crypto activity in the country between July 2022 and June 2025.
Officials have also looked at giving USDT a more official role. A proposal reported in July would let the stablecoin work as a payment option alongside the boliviano and the U.S. dollar. Banks Banco Unión and Banco FIE already offer services tied to the token.
State use of crypto is not new. In March 2025, state energy company YPFB got approval to use crypto for fuel imports after the dollar shortage made regular payments harder.
Capital controls face new pressure
Global researchers have been studying how stablecoins interact with capital controls in emerging markets. A Bank for International Settlements study released in July looked at flows across more than 130 economies.
The research found that stablecoin inflows showed little reaction to standard capital controls. Countries with high inflation or weak currencies saw more use of dollar backed tokens.
The IMF raised a similar point in August. It warned that local stablecoins could make it easier for people to access digital dollars if they can convert between tokens on the blockchain. The fund noted that nearly 99 percent of all stablecoins are tied to the U.S. dollar.
Bolivia also remains under increased monitoring by the Financial Action Task Force, known as the FATF grey list. The country made a political commitment in June 2025 to fix weaknesses in its anti money laundering system.
FATF’s June 2026 review said Bolivia had made progress but still needs to complete several steps. These include stronger supervision in nonfinancial sectors and more enforcement of ownership rules.
The government has not yet released a timetable, legal structure, or lead agency for its planned crypto rules.