They are ready for PayPal to enter Bolivia, where its use is restricted

While major economies have implemented digital payment platforms such as PayPal, Bolivia is the only country that lags behind in the use of the tool. Bolivia’s Plurinational Legislative Assembly is scheduled to convene at 4:30 p.m. on August 21 Discuss the country’s progress at public hearings.

Economist Jaime Dunn explains that PayPal, one of the most used payment platforms in the world, has not yet established a full presence in the country. Currently, to use this tool, Bolivians forced to turn to addresses in other countries Due to the platform’s lack of official presence in the country.

Dunn explained that while PayPal offers all its features in some countries, in Bolivia the platform only allows payments to be made, but not all its features can be utilized. This situation is frustrating for digital entrepreneurs and citizens who rely on online payment services for their economic activities.

International payment platforms have always had difficulty establishing themselves in Bolivia. Dunn said the companies must have an office in the country and a tax identification number (NIT), which has been a barrier for PayPal to enter the Bolivian market.

Despite some easing of regulations, he warned that they were not enough and PayPal It will establish operations in Bolivia only if it is not risky from a business perspective.

State representative Mariela Baldivieso explained that since 2019 she has been fighting to allow platforms such as PayPal to operate without restrictions in Bolivia.

Valdivieso said he has met with the appropriate authorities to discuss Regulation 079, which regulates the entry of foreign currencies through payment gateways. However, PayPal has never shown interest in officially establishing itself in Bolivia due to multiple requirements from the government.

Valdivieso stressed that although the country’s president mentioned the possibility of a payment gateway, there is currently no mechanism in place. Clear or adequate information on how to carry out the process.

Meanwhile, Bolivian digital entrepreneurs continue to look for alternative solutions, such as opening bank accounts abroad, to be able to receive payments for their services and products.

The lack of an official presence of PayPal and other payment platforms in Bolivia creates a high level of uncertainty for users, who can only access incomplete services.

Many citizens have had to figure out how to use these platforms, switching to addresses in other countries, but this does not solve the significant limitations they face in their daily lives.

On Wednesday, August 21, at 4:30 p.m., the Plurinational Legislative Assembly of Bolivia will speak The situation of PayPal in China was introduced at the public hearing.

The discussions will seek to address the limitations that prevent Bolivians from fully accessing the platform’s services, an issue that has raised concerns among the business community and users who rely on electronic transactions to conduct their businesses.