Bolivia Pledges to Establish a Virtual Asset Regulatory Framework to Prevent Capital Outflows Through Crypto Markets

Odaily reports: The Bolivian government, in its economic and financial policy memorandum submitted to the IMF, has pledged to establish a virtual asset regulatory and supervisory framework to mitigate the risk of improper capital outflows through crypto asset markets. The memorandum does not set an implementation timeline, designate a competent authority, or specify whether it will be enacted through legislation, decree, or administrative regulation.

This commitment is part of Bolivia's 36-month, 1.369 billion Special Drawing Rights Extended Fund Facility arrangement with the IMF, equivalent to approximately $1.9 billion, which is still pending approval by Bolivia's National Congress and the IMF Executive Board.