Digital assets as a tool to face crises and drive economic efficiency, according to Ronald Amelunge during the 2025 Annual Energy Dinner (CAEE) in April…
ISSUE 142 | 2025
Raúl Serrano
In a context of extreme macroeconomic fragility marked by a severe shortage of foreign currency, high inflation, and widespread distrust in financial institutions the Bolivian private sector is increasingly adopting digital assets as a tool for survival and economic efficiency. This was the key message shared by Ronald Amelunge, Managing Partner at Consulting Group Santa Cruz, during the 2025 Annual Energy Dinner (CAEE), an event focused on energy and finance, held in April at the Marriott Hotel in Santa Cruz de la Sierra.
“We’re not asking for special regulations just to be allowed to operate. When the market is open, it finds solutions,” he said, describing how the liberalization of USDT (a digital dollar issued by Tether) has allowed many companies and individuals to navigate the suffocating dollar shortage in the banking system.
FROM GLOBAL FINANCIAL CRISIS TO CRYPTO BOOM IN BOLIVIA
Amelunge began his presentation by revisiting the origins of Bitcoin, recalling that the first block of this cryptocurrency, created in 2009, reflects the spirit of blockchain technology: building alternative financial systems in response to the distrust of banks and governments.
Using concerning data, his analysis painted a grim picture of Bolivia’s current economy:
• In real terms (i.e., measured in the parallel or “blue” dollar), Bolivia’s GDP has experienced declines equivalent to multiple consecutive pandemics.
• The year 2020 saw a contraction of 8.9%, but in 2023 and 2024, adjusted to real dollar values, Bolivia may have endured the economic impact of up to three pandemics.
• Without a shift in economic policy, 2025 could mark a fourth consecutive “economic pandemic.”
He argued that the situation has been worsened by poor macroeconomic management, banking fees exceeding 130%, and real inflation already surpassing 30%, despite what official figures may suggest.
“The total absence of dollars has forced import-dependent entrepreneurs to trade currency on the informal market, pay exorbitant banking fees, and operate in an environment of extreme uncertainty,” he said.
THE TURNING POINT: USDT LIBERALIZATION
A “fortunate coincidence,” as Amelunge described it, marked a watershed moment: on the day of the failed coup attempt in 2024, the use of USDT was liberalized in Bolivia. Within days, demand for this stablecoin doubled, creating an alternative international payment system.
“Before the liberalization, about $200,000 in USDT was moved daily through platforms like Binance. Today, that figure has tripled,” he stated.
“Today, USDT wears a suit and tie. It works with the law, with law enforcement agencies, and offers full traceability.”
This shift helped stabilize certain commercial flows, curb the rise of the parallel dollar, and offered a fast, secure, and intermediary-free way to make payments abroad.
THE DIGITAL DOLLAR TAKES HOLD: BOLIVIAN COMPANIES SHIFT TO USDT FOR PAYMENTS AND AS A SAFE HAVEN
Rising economic uncertainty, persistent inflation, and a chronic shortage of U.S. dollars in Bolivia have accelerated a trend that once seemed inevitable: the mass adoption of digital assets such as USDT (Tether) by the private sector.
Just a year ago, the use of cryptocurrencies was practically banned. Today, even the Central Bank of Bolivia officially recognizes the “crypto dollar” as a valid reference, marking a significant institutional shift in how these digital tools are perceived.
“USDT on Binance is literally the new street dollar. It even appears on the Central Bank’s official website,” commented one speaker, referring to the growing legitimacy of these assets.
WHY IS CRYPTO CHEAPER THAN BANKING?
In an environment where international banking fees range between 130% and 140%, and transfer delays can disrupt sensitive transactions, cryptocurrencies have emerged as a more efficient and secure alternative.
The explanation is simple: converting bolivianos to USDT (on-ramp), sending them abroad, and converting them back into physical dollars (off-ramp) can carry a total cost of just 4% to 6% far below that of traditional banking systems.
“Globally, companies are already moving daily volumes between $600,000 and $3 million in USDT without any issues all within a legal framework, with traceability and full compliance,” the executive noted.
He explained that large, reputable companies are now using crypto for international payments and even structuring their internal finances around digital assets not as a passing trend, but as a functional financial tool.
BITCOIN AND USDT: NEW PILLARS OF THE GLOBAL FINANCIAL SYSTEM?
This change in perception is not limited to Bolivia. Globally, the White House has established a strategic reserve of Bitcoin and stablecoins, and the U.S. Treasury Secretary has confirmed that the country will maintain its global dollar dominance supported by digital currencies like Tether (USDT).
Amelunge added that institutional support is also coming from the private sector: the CEO of BlackRock, the world’s largest asset manager, stated that Bitcoin is a reliable option for hedging against currency devaluation.
“With Bitcoin’s total market value already ranking it seventh globally, just below giants like Apple, Microsoft, and Amazon, it’s clear that crypto is no longer the future it’s the present,” he asserted.
“USDT IS NOW WEARING A SUIT”
While some still associate crypto assets with informality, the reality is that enterprise adoption has already institutionalized them in practice. Large volumes are being moved legally every day with legal backing, accounting audits, and coordination with international security agencies.
“Today, USDT wears a suit. It works with the law, with law enforcement, and with full traceability. It’s the most formal option among non-traditional alternatives,” the speaker said.
Within this context, he emphasized that the domino effect is already underway: early adopters among companies gain a real competitive edge in global trade. They access loans, financing, and make fast payments through international platforms all from a smartphone, in a matter of seconds.
He concluded by stating that for Bolivia to unlock the full potential of cryptocurrencies and digital assets in a secure, efficient, and investor-friendly manner, it must develop a clear, modern, and balanced regulatory framework.
“We’re moving daily volumes between $600,000 and $3 million in USDT without any issues.”
