I Went to Bolivia Where Businesses Survive on Stablecoins
Description
Bolivia is facing a severe economic crisis. The country is literally running out of dollars. Their foreign reserves have collapsed from $15 billion a decade ago to just $50 million today.
In June 2024, Bolivia legalized cryptocurrencies, and digital asset transaction volume exploded - growing over 500 percent in the past year.
To participate in the global economy, businesses are turning to stablecoins for access to dollar assets.
From Binance peer-to-peer trading to stablecoin-powered credit cards, we explore how people survive when their country runs out of dollars, and how stablecoins are being used for global spending.
Watch the full episode on YouTube.
00:00 - Bolivia ran out of dollars
02:06 - Stablecoins to the rescue
03:25 - How did Bolivia get here?
04:11 - Bolivia's parallel economy
06:24 - Meru
09:55 - What happens when a country runs out of dollars
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