How to Buy Digital Dollars amid the Dollar Shortage in Bolivia
Santiago Coates
June, 20, 2024
5 min. reading
Are you in Bolivia and want to receive payments from abroad? Amidst a delicate economic situation and a shortage of dollars, many Bolivians are seeking solutions to protect their savings, conduct international transactions without complications, or withdraw from online platforms.
The Airtm US Virtual Account, offered from abroad, is an effective tool that can help mitigate these challenges by providing access to digital dollars safely and efficiently.
In this article, we will show you how to use Airtm to receive payments in digital dollars from abroad and easily convert them to bolivianos. With Airtm, freelancers and remote employees in Bolivia can efficiently manage their income and protect their savings against devaluation.
The Dollar Crisis in Bolivia
Bolivia is facing a severe dollar shortage, significantly affecting the country’s ability to import essential goods and maintain economic stability. International reserves have drastically decreased from $15 billion ten years ago to only $2 billion today. (Wilson Center).
This decrease limits the Central Bank’s ability to defend the value of the boliviano and maintain a fixed exchange rate, increasing economic uncertainty.
Despite local efforts to implement subsidies on hydrocarbons and food, economic pressure and internal political tensions complicate the situation. (teleSURenglish) (EL PAÍS English).
The population is seeking alternatives to protect their finances and conduct international transactions without facing the complications of the current exchange market.
The Benefits of Airtm
Airtm is a platform that operates from the United States and allows users in Bolivia and other countries to receive international payments in digital dollars and convert them to their local currency or to more than 500 different payment methods. With Airtm, users can receive payments from digital wallets, companies, or platforms like Payoneer, Wise, or Upwork, store their digital dollars, and use them for various transactions.
Airtm, with its global operation, offers multiple benefits for users in Bolivia, especially in the context of the current economic crisis:
Access to Digital Dollars: It allows users to access digital dollars (USDC), mitigating the physical shortage of the currency and facilitating international transactions.
Protection Against Devaluation: Keeping funds in digital dollars helps protect savings from the devaluation of the boliviano, preserving the value of assets.
Ease of International Transfers: Users can receive payments in dollars from abroad and, once in Airtm, convert them to bolivianos when needed. This is crucial for freelancers, exporters, and small businesses working with international clients.
Reduction of Transaction Costs: Airtm offers competitive rates compared to other traditional money transfer methods, avoiding the need to resort to the parallel market for dollars and providing security in your transactions.
Ideal for Freelancers and Remote Employees in Bolivia
Additionally, Airtm offers users the opportunity to create a US Virtual Account.
The Airtm US virtual account is a perfect solution for freelancers and remote employees in Bolivia. For example, a graphic designer working for clients in the United States can receive payments in dollars directly to their Airtm virtual account, avoiding high conversion fees and delays associated with traditional banks.
Similarly, a software developer collaborating with foreign companies and getting paid through Deel can efficiently manage their income, converting digital dollars to bolivianos when needed, all from the comfort of their home.
How to Get Started with the Airtm USA Virtual Account
Getting started with the Airtm USA Virtual Account is simple and can make a significant difference in managing your finances. Here’s how to do it:
- Log into your Airtm account at airtm.com.
- Click on “USA Account” in the menu and follow the instructions.
- Read and accept the terms and conditions of the provider Bridge Ventures Inc.
- Verify your identity by following the provided instructions.
- Check the information about the USA Virtual Account.
