Bolivia Weighs Interbank CBDC Amid Soaring Stablecoin Use

The Banco Central de Bolivia (BCB) is considering launching an interbank Central Bank Digital Currency (CBDC) as part of its ongoing evaluation of a digital “Boliviano,” according to its Primer Informe del Boliviano Digital published in October 2025

The study highlights that while retail digital payments in Bolivia—such as QR-based transfers and mobile wallets—have rapidly expanded, the country faces new challenges from the growing use of private stablecoins and cross-border virtual assets.

Officials warn that these alternatives could erode monetary sovereignty if left unchecked.

BCB President Roger Edwin Rojas Ulo stated in the report that the central bank’s objective is to ensure that innovation “strengthens the financial system and promotes inclusion without compromising stability.”

Wholesale Model Gains Ground

The report identifies a wholesale CBDC as the most suitable option for Bolivia’s current financial ecosystem.

This version, designed for high-value interbank transactions, would enhance settlement efficiency, security, and traceability while reducing counterparty risk between institutions.

In contrast, a retail CBDC—available directly to the public—was found to offer fewer structural benefits since Bolivia already enjoys broad interoperability and widespread adoption of digital payment systems, including QR BCB Bolivia and mobile wallets.

According to the document, a wholesale Boliviano Digital could “optimize liquidity management and reinforce systemic resilience,” integrating technologies such as Distributed Ledger Technology (DLT) for transparent, real-time settlements between banks.

Guarding Against Digital Dollarization

The BCB report warns that stablecoins—private digital currencies pegged to foreign assets—pose a growing threat to local monetary control.

A state-backed CBDC could serve as a digital anchor for the economy, discouraging reliance on unofficial dollar-pegged assets.

The report also emphasizes data protection and cybersecurity as central to any implementation, alongside regulatory coordination with other Latin American central banks.

Drawing lessons from projects like Brazil’s Drex and Uruguay’s e-Peso, the BCB intends to proceed gradually, prioritizing pilot programs and public consultations.

The central bank thanked the Banco Central do Brasil, Banco Central del Uruguay, and the IMF for sharing technical input during the drafting of the document.

The report concludes that Bolivia’s payments infrastructure is already robust and interoperable, positioning the country to adopt a CBDC for interbank use as a next step toward regional digital integration.