According to Kepios, 66% of Bolivians had access to the Internet in 2023.
No Open Banking
There are no regulations defined yet for Open Banking, but the Banco Nacional de Bolivia has a set of APIs in production and supports data sharing, calling it “Open Banking”, but it’s a private approach.
The Bolivian government banned the use of cryptocurrencies such as bitcoin in 2014, in the belief that it would facilitate tax evasion and monetary instability. Bolivia has refrained from cracking down on or criminalizing the holding or trading of cryptos, but it has not allowed businesses and brokers seeking to provide crypto-related services in the country. The Central Bank of Bolivia (BCB) has said the measures were necessary to protect the public from “risks, frauds, and swindles.”
There are two Fintech startups in Bolivia.
A lack of digital skills is one of the key barriers preventing women in Bolivia from using mobile internet and participating in the digital economy. If not addressed, this issue risks leaving women behind as societies and economies digitise. In Bolivia, including women in the digital economy has represented a significant challenge, given the troubling disparity between men and women in accessing equal opportunities to improve their living and learning conditions. According to the GSMA, women who live in low- and middle-income countries are 10% less likely to own a mobile phone and 23% less likely to use mobile internet than men. In countries like Bolivia, women are often less confident in their ability to independently acquire the digital skills needed to use a mobile phone and are more concerned with the consequences of making mistakes. As in other Latin American countries, a large number of the women in Bolivia who do own a mobile phone predominantly use the phone for basic communication, but not for accessing other digital tools and services. Mujeres Conectadas, which was launched in 2018, helps bridge the gender digital gap, expand economic growth, and promote social development, as digital inclusion offers greater opportunities for women to overcome poverty, build confidence, and become financially independent.