Bolivia is experiencing one of its most complex monetary crises in decades. Banks are limiting access to foreign currency, imposing quotas on international transfers, and in many cases, no longer issuing physical dollars or allowing withdrawals from foreign currency accounts. In this scenario, thousands of Bolivians have found a lifeline in blockchain technology, using dollar-backed stablecoins to protect their savings, send payments abroad, and circumvent the collapse of the local banking system. But blockchain not only allows for the movement of money: it has also given rise to a completely new, open, global, and intermediary-free financial ecosystem known as [DeFi] (https://es.wikipedia.org/wiki/Finanzas_descentralizadas 'Wiki de Finanzas Descentralizadas') (Decentralized Finance) or decentralized finance. This paradigm could be key to offering Bolivians a real alternative to a banking system that no longer fulfills its purpose.
What is DeFi and how does it work?
DeFi is the set of financial services built on blockchain that operate without banks, brokers, or traditional institutions. Transactions are carried out through smart contracts that automatically execute loans, exchanges, deposits, investments, and other services, with coded rules that do not depend on the will of a central entity. This allows access, from anywhere in the world and with just a mobile phone and internet, to products such as:
- Stablecoin savings accounts with higher-than-bank interest rates
- Collateralized loans and credit
- Direct currency exchanges
- Tokenized investment funds and derivatives
- Decentralized insurance and structured products
All this without paperwork, without quotas, and available 24/7, which contrasts sharply with the slowness and restrictions of the Bolivian banking system.
Why DeFi is especially useful in Bolivia
For Bolivians, DeFi is not just a technological novelty; it is a direct route to the global financial system in a country where
There are no dollars available in banks,
the official exchange rate is distorted,
banking procedures for moving money within or outside the country are slow, expensive, and unreliable,
and an infrastructure for making investments is practically nonexistent.
With DeFi, any Bolivian can:
Save in digital dollars (stablecoins) protected from local inflation,
Invest in high-yield products previously reserved for large capital,
Access international loans without relying on banks that are currently closed,
Move their money freely between countries without limits, waiting periods, or hidden fees.
This represents a democratization of financial access that can give Bolivians control over their own capital.
PrismaPay: Bringing DeFi to Bolivia
Aware of this scenario, PrismaPay, already a leader in Bolivia for its cross-border transfer services, is about to launch a line of DeFi products specifically designed for Bolivian users, integrated into its existing blockchain payment infrastructure.
With these new tools, any user will be able to:
-
open secure investment accounts in stablecoins or other cryptocurrencies, with returns higher than those of the traditional banking system;
-
access staking products (https://founderz.com/es/blog/que-es-staking-como-funciona/)—a way to generate passive income while supporting the blockchain network—loans, and decentralized funds with just a few clicks, without needing any technical knowledge;
+receive specialized financial consulting in blockchain technology.
Furthermore, all investments will be professionally safeguarded with institutional-grade technology (Fireblocks), so users don't have to assume the risk of managing their own private keys.
A New Gateway to the Global Financial System
DeFi offers Bolivia what the traditional financial system can no longer provide: direct, frictionless, and non-discriminatory access to global capital. With DeFi, a student can save in digital dollars, a small business owner can invest their surplus in high-yield products, and an importer can obtain liquidity without having to beg a bank that no longer has dollars to lend. With the launch of its new DeFi products, PrismaPay is positioning itself as the bridge that will connect Bolivians to the global financial system, giving citizens and businesses back access to capital, freedom of movement, and growth opportunities that today seem out of reach.
Christian White