#稳定币动态 Looking back at history, I have witnessed countless rises and falls of cryptocurrency projects. Bolivia’s move inevitably reminds me of Venezuela’s launch of the Petro in 2017. At that time, it was also aimed at addressing an economic crisis, but it ended up backfiring. However, Bolivia’s decision to start with a stablecoin is a wise one; at least it reduces the risk of repeating past mistakes.

The practice of incorporating crypto into the formal financial system actually has precedents as early as 2001. Back then, Argentina faced severe inflation, and some regions began using privately issued alternative currencies. Of course, blockchain technology was not available at that time.

Looking at it now, Bolivia’s approach may provide a new model for developing countries. But the key lies in how regulation is handled. Too loose, and it may lead to financial risks; too strict, and it could stifle innovation. Striking the right balance is the key to success.

History has a remarkable way of repeating itself. With each bull and bear cycle, new countries join this monetary experiment. Hopefully, this time Bolivia can learn from past lessons and forge a new path. After all, in the long run, the integration of cryptocurrencies and traditional finance is an unstoppable trend.