Bolivia’s Deputy Mariella Bardiviso has spoken out about the possibility of implementing a central bank’s digital currency (CBDC) in Bolivia, warning of the risks that could be represented in the privacy and economic autonomy of the nation’s citizens.
In a political context characterized by tensions and governments in which members of Congress are eligible as authoritarians, Bardiviso has said that without justification for the CBDC; It could become a state monitoring and control toolmore than a tool for financial inclusion.
The statement comes when the country discusses the regulation of digital assets after the approval of the highest order 5384, which recognizes cryptocurrency as a means of payment, but creates uncertainty due to lack of clarity.
In an interview with Cryptonoticias, Bardiviso, the director of the Science and Technology Committee, not only criticised the opacity in cryptocurrency regulations. However, he also pointed out the exclusion of lawmakers and experts. In the design of these regulations.
Congress recalled that she requested that she create a technical table that would combine government, legislators, users and experts but not receive the answer. Additionally, he highlighted opportunities to represent the tokenization of strategic resources such as lithium. Proposal of a digital governance model that promotes transparency and participation Citizens
Social and State Control Tools
The discussion of cryptocurrency and the possibility of adopting CBDCs in Bolivia are part of a complex economic scenario in which inflation, the dollar shortage and the need for fiscal modernization are urgent issues.
A few days ago, Edwin Rojas, president of the Central Bank of Bolivia, reported that he already has a preliminary design for his own CBDC called Bolivia’s virtual as the reported encryption.
“The Central Bank of Bolivia has made great strides in the preliminary design of CBDC digital currency. It offers a coordinated approach between the fields of technology, legal and systems. In this context, internal workshops and work tables have been developed for the implementation of Bolivian digital currency.”
Deputy Bardiviso is currently claimed by the Bolivian CBDC It could become a state monitoring toollimits citizen privacy and economic autonomy. As you can see, without clear guarantees, Bolivian CBDCs could “become a mechanism of censorship and social control, not a financial inclusion tool.”
She argues that in order for CBDCs to be beneficial in a country, their design must be transparent with laws that protect citizen participation, public audits, and ban personal data and use for political purposes.
However, he emphasizes that “current governments have all the characteristics of regulatory authoritarian governments on non-transparency.”
Regulations with many gray areas
Meanwhile, the parliament criticized the highest order 5384 regulating virtual assets in Bolivia. Although cryptocurrency is recognized as a means of payment, The law presents “too many gray areas” It creates uncertainty in their users, merchants and investors, in their opinion.
A few days ago, the Bolivian government approved the decree, establishing recognition of virtual assets and marking milestones in regulating financial technology in Bolivian soil.
Now, according to Valdiviso, the lack of clarity in regulations is This may lead to discretionary interpretation by the authoritiesaffects the legal certainty of the cryptocurrency ecosystem.
“There’s a very high chance that an exchange will take place as Binance has decided not to provide services domestically due to overregulation,” the lawmaker said. This situation, he says, “stymie investment and limit opportunities” of Bolivian financial innovation.
The objection vision of MPs Franklin Inkaya Vera, a Bolivian lawyer and financial analyst, states that the country is creating safe, regulated and reliable conditions for the development of new digital services towards innovation in the financial sector, stock markets and insurance markets.
“The new regulations position Bolivia as one of the regional countries with public policies that have decided to lead digital transformation in the financial system, provide legal certainty, promote innovation and handle the benefits of its users,” Ink said.
However, the bulgibiso is more important. In fact, she requested the creation of a technology table that would help governments, legislators, users and experts work in truly comprehensive regulations based on the Bolivian cryptocurrency ecosystem. He hasn’t been summoned yet.
“I made a public request and was given a technical workbench in writing, but it was not called,” he explained.
Since his role in the Scientific and Technology Committee, Congress has faced resistance, but has organized a worksheet to propose regulations to the Financial Supervisory Authority (ASFI). “We keep running the door,” he adds.
Historical opportunities
Bardiviso spoke about tokenizing lithium. Lithium is a “historic opportunity” for Bolivia. leader We propose to explore models that promote transparencycivic participation and diversified loan funding for this type of project.
But lawmakers regret that the enforcers controlled by Lewis Earth have not shown to open these initiatives. “I have presented preliminary suggestions, but the lack of interest in innovative models of digital governance has limited progress,” he says.
Regarding the possibility of collaboration with companies such as Atomic 3 for lithium tokenization, Baldivieso shows that her advisors have met with company representatives, but have not been directly involved due to the agenda of the Congress.
Atomic 3 CEO Pablo Rutigliano says Bolivia already has a lithium nationalization model, but what’s not nationalised is the product or production of lithium carbonate. He says they could be “strategic ally” for Bolivia, and, like with Deputy Bardivi, tokenization of lithium carbonate could be an important opportunity for South American countries.
Baldivieso says he knows many interesting tokenization projects at the event he was a lecturer. However, decisions on this subject are highlighted. They fall into the 2025 elected authoritiesdecide who will work with which companies.
A big challenge
Bolivian regulatory panorama reflects the major challenge of balancing technological innovation and protecting citizens’ rights. Baldivieso’s warning against CBDC as a control tool Resonance in a country with a history of political tensions and institutional distrust. Congress argues that advances in crypto or digital currencies must prioritize transparency and participation in all sectors.
She said the exclusion of lawmakers such as Valdibiso in the design of evidence regulation in the cryptocurrency sector; Lack of government will to build consensus. This adds to the ambiguity of the highest statute 5384 and creates a climate of uncertainty that could distract key actors from the ecosystem
While Bolivia navigates these discussions, Bardiviso’s position stands out for its emphasis on transparency and inclusion. His call for participatory regulations and his warning about the risks of undesigned CBDCs seek to protect citizens’ rights in the context of rapidly advancing financial technology. However, the lack of response from executives to his proposal raises questions about the country’s future of cryptocurrency and economic digitalization.
The debate remains open, and CBDC implementation or regulation of cryptographic active depends on the government’s ability to generate trust and consensus. For now, Baldivieso continues to advocate for a regulatory framework that promotes innovation without undermining individual freedom. A balance that considers essential economic and technological development From Bolivia.