BOARD OF DIRECTORS

BOARD RESOLUTION NO. 031/2025

SUBJECT:

FINANCIAL ENTITIES MANAGEMENT – APPROVING THE REGULATION OF TRANSITORY SETTLEMENT ACCOUNTS FOR PUBLIC AND PRIVATE ENTITIES OR COMPANIES AT THE CENTRAL BANK OF BOLIVIA.

VIEWED:

• The Political Constitution of the State (CPE) of February 7, 2009.
• Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.
• Law No. 393 of August 21, 2013 on Financial Services and its modifications.
• The Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement (RSPIEPCL), approved by Board Resolution No. 079/2022 of September 6, 2022 and its modification.
• The Statute of the Central Bank of Bolivia (BCB), approved by Board Resolution No. 095/2022 of October 6, 2022.
• Report BCB-GEF-SSPSF-DVSP-INF-2025-15 of March 5, 2025 issued by the Financial Entities Management (GEF).
• Report BCB-GAL-SANO-DLBCI-INF-2025-71 of March 7, 2025 issued by the Legal Affairs Management (GAL).

CONSIDERING:

That Article 327 of the Political Constitution of the State establishes that the BCB is a public law institution, with legal personality and its own assets. Within the framework of the State's economic policy, it is the function of the Central Bank of Bolivia (BCB) to maintain

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the stability of the internal purchasing power of the currency, to contribute to economic and social development.

That paragraph 3, Paragraph I of Article 328 of the constitutional text provides among the attributions of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by the Law, to regulate the payment system.

That according to Article 331 of the Political Constitution of the State, Financial Intermediation activities, the provision of Financial Services, and any other activity related to the handling, use, and investment of savings, are of public interest and can only be exercised with prior authorization of the State, in accordance with the Law.

That Articles 2, 3, and 30 of Law No. 1670 establish that the BCB's object is to seek the stability of the internal purchasing power of the national currency, for whose fulfillment it will formulate policies of general application in monetary matters and the payment system, being subject to its regulatory competence, all entities of the Financial Intermediation and Financial Services system, whose operation is authorized by the Superintendence of Banks and Financial Entities, currently ASFI.

That Article 38 of Law No. 1670 modified by Law No. 1613 of January 1, 2025, establishes that within the scope of functions related to the payment system, the BCB may also open transitory settlement accounts to public and private entities or companies for the processing of payments with the financial system.

That Articles 44 and letters a), b), and o) of Article 54 of Law No. 1670 establish that the Board of Directors of the BCB is its Highest Authority, being responsible for defining its policies, specialized regulations of general application, and internal rules; having among its attributions, the power to issue rules and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; regulate the administration of payment systems between authorized financial entities; and approve, modify, and interpret the Statute and its Regulations by two-thirds of the votes of all its members, without the need for any additional administrative act.

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That Paragraph III of Article 8 of Law No. 393 provides that the Financial System Supervision Authority (ASFI) will issue specific regulation and supervise its compliance within the framework of the regulation issued by the BCB, in the scope of the payment system.

That Paragraph I of Article 124 of Law No. 393 states that operations carried out within the framework of the services provided by financial entities may be carried out through electronic means, which necessarily must comply with security measures that guarantee integrity, confidentiality, authentication, and non-repudiation.

That Paragraph IV of the same Article refers that ASFI and the BCB, according to their competencies, will issue regulation that establishes the processing and security rules for operations, as well as the minimum requirements that entities must meet to carry out electronic banking, telephone banking, and mobile device activities, regulatory compliance mandatory for financial entities providing the service.

That paragraphs 1) and 3) of Article 5 of the BCB Statute provide that the BCB has regulatory competence to issue specialized rules in the fields assigned to it by the Law and technical competence for the formulation of policies and the application of instruments that allow it to fulfill its object.

That paragraphs 1), 13), and 30) of Article 10 of the BCB Statute establish that the Board of the Issuing Entity has the attributions to approve general decisions and issue rules that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, approve rules for the functioning of the payment system; as well as approve, modify, and interpret the Statute and Regulations of the BCB by two-thirds of the votes of all its members, without the need for an additional administrative act.

That Article 1, letters o) bb) and III) of Article 4 and Article 5 of the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, define

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the Quick Response Code, the settlement account, and immediate payment. Likewise, it establishes that payment orders processed, compensated, or settled in systems administered by the BCB will be regulated in specific regulation.

That Paragraphs I and II of Article 51 of the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, determine that Financial Intermediation Entities and Mobile Payment Service Companies covered by the rule must be participants of the MLD of the LIP in their capacity as the main infrastructure for the processing of OETF, in order to guarantee the interoperability and full interconnection of the national payment system; and that the BCB may dispose of the processing of specific operations through the MLD communicating this determination through an External Circular of the General Management or an External Communication of the Financial Entities Management for a specific participant.

That Articles 5, 6, and paragraphs 1), 13), and 30) of Article 10 of the BCB Statute establish as a competence of the BCB to issue specialized rules in the fields assigned to it by the Law and the formulation of policies and application of instruments that allow fulfilling its object; said rules must be approved by Board Resolution, in application to the attributions that the Board has to approve general decisions and issue rules that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; approve rules for the functioning of the Payment System; and approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for an additional administrative act.

That Paragraph I of Article 24 and Article 26 of said Statute stipulate that Resolutions and decisions of the Board are adopted by a simple majority of votes of the members present in a meeting, except in cases where Law No. 1670 or the Statute require qualified majorities, and that the Board pronounces itself on matters within its competence through Resolutions, also being able to do so through decisions that will be expressly recorded in the Minutes. Likewise, every draft Board Resolution will be motivated and justified by a technical report from the Management or Managements to which the

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subject matter of the Resolution corresponds and by a report from the GAL. Since these reports must be sent to the Board by the General Management with its recommendation.

That report BCB-GEF-SSPSF-DVSP-INF-2025-15 concludes that the modification of Law No. 1670 incorporating a provision that allows the opening of transitory settlement accounts at the Issuing Entity to public and private entities or companies for the processing of payments with the financial system; the opening of these accounts will allow the BCB to provide a complete service at no cost, generate QR codes for the payment of basic services, consolidate revenue, keep resources temporarily in the accounts of each company or entity, and transfer said resources to their accounts in entities of the financial system. For the above, it is technically viable to regulate the opening of these accounts, for which a draft Regulation of Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia is proposed and recommends to the Board of Directors of the BCB its approval.

That report BCB-GAL-SANO-DLBCI-INF-2025-71 from the GAL concludes that the GEF's proposal regarding the approval of the Regulation of Transitory Settlement Accounts for public and private entities or companies at the BCB is legally viable, as it does not contravene current regulation and is framed within what is established in Article 38 of Law No. 1670 and Article 5 of the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, recommending its approval to the Board.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve the "Regulation of Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia," in its ten (10) Articles and one (1) Annex, which form part of this Resolution.

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Article 2.- The Regulation of Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia will enter into force from its publication.

Article 3.- The Presidency and General Management are charged with the compliance of this Resolution.

La Paz, March 11, 2025.

SIGNED. ROGER EDWIN ROJAS ULO, Gumercindo Héctor Pino Guzmán, Miguel Angel Marañon Urquidi, Victor Gonzalo Calisaya Gomez.

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ANNEX

REGULATION OF TRANSITORY SETTLEMENT ACCOUNTS FOR PUBLIC AND PRIVATE ENTITIES OR COMPANIES AT THE CENTRAL BANK OF BOLIVIA

Article 1.- (Object).

This Regulation aims to regulate the request, enabling, start of operations, and suspension of transitory settlement accounts opened at the Central Bank of Bolivia in favor of public and private entities or companies for the processing of payments with the financial system.

Article 2.- (Scope of Application).

This Regulation will be applied to public and private entities or companies that request to enable a transitory settlement account at the BCB.

Article 3.- (Acronyms).

a. BCB: Central Bank of Bolivia. b. LIP: Integrated Payment Settlement System. c. MLD: Deferred Settlement Module. d. QR Code: Quick Response Code.

Article 4.- (Definitions).

a) Quick Response Code. A dot matrix or two-dimensional barcode, with a square structure also known as QR by its English acronym (Quick Response Code). In the scope of the payment system, it allows storing encoded data for the processing of electronic fund transfers through immediate payments.

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b) Transitory settlement account. A transactional account opened at the BCB for payment system operations that has the exclusive object of generating immediate payments with QR and/or adding resources for their transfer to public and private entities or companies for the payment of products and/or services they offer.

c) Guide of specifications for the generation and use of QR. An operational document prepared by the BCB Systems Management and approved by the General Management, to facilitate the implementation of the synchronous transaction service via QR code by MLD participants.

d) Technical-operational adherence guide. An operational document approved by the General Management where the enabling procedure, operations, procedure for the suspension of transitory settlement accounts, and functionalities of the mechanism provided by the BCB for processing immediate payments are defined.

e) Deferred Settlement Module. The retail payments module of the LIP that facilitates the interconnection of participants' computer developments and provides mechanisms to process operations between accounts of the entire financial system, manages the compensation and settlement of these orders, and provides additional applications for the management of electronic payments.

f) Integrated Payment Settlement System. The BCB's electronic payment system composed of a set of interrelated modules that facilitate the interconnection of the national payment system.

Article 5.- (Request for enabling of transitory settlement account at the BCB).

Public and private entities or companies may connect to the mechanism provided by the BCB through transitory settlement accounts, solely for the processing of payments for the products and/or services they offer, for which they must meet the following requirements:

a) Request note signed by its General Manager or Highest Executive Authority or equivalent authority, addressed to the General Manager of the BCB requesting the enabling of a transitory settlement account that serves exclusively to generate immediate payments

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and/or add resources coming from payments and collections inherent to their line of business and activities.

b) Express declaration of submitting to this Regulation and the Guides or Instructions that the BCB approves, as well as the express declaration of responsibility for operations carried out, according to the format of Annex I.

Article 6.- (Enabling by the BCB).

I. The BCB, upon confirming the feasibility of the request, will provide tools to the requesting entity or company for the integration or generation of immediate payments, which includes the generation of QR according to the Guide of specifications for the generation and use of QR of the MLD of the LIP, interfaces to facilitate control, notification, or billing of payments received by public and private entities or companies.

II. The maintenance of the transitory settlement account will have no cost for the applicant.

Article 7.- (Limitation of Liability)

The BCB will not be responsible for the legality of the origin or final destination of the resources processed to effect fund transfers through the transitory settlement accounts enabled in accordance with this Regulation.

Article 8.- (Start of Operations)

The BCB will notify by written note signed by the BCB Financial Entities Management, the date from which the applicant will have their transitory settlement account enabled.

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Article 9.- (Suspension of the transitory settlement account)

The BCB may suspend the transitory settlement account according to the procedure and causes established in the Technical-operational adherence guide prepared by the Financial Entities Management and the Systems Management and approved by the General Management of the BCB, within the framework of its functions.

Article 10.- (Technical-operational adherence guide).

The Technical-operational adherence guide will be prepared by the Financial Entities Management and the Systems Management and approved by the General Management of the BCB, within the framework of its functions.

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ANNEX I

DECLARATION OF ACCEPTANCE AND COMPLIANCE

REGULATION OF TRANSITORY SETTLEMENT ACCOUNTS FOR PUBLIC AND PRIVATE ENTITIES OR COMPANIES AT THE CENTRAL BANK OF BOLIVIA

[Name of the public or private entity or company], legally represented by [Full Name], with identity card number [document identification number], expressly and voluntarily, declares the following:

1. Knowledge and acceptance of the provisions established in the Regulation of Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia, as well as all regulations, guides, instructions, procedures, and resolutions that the Central Bank of Bolivia approves or issues in the future, related to operations carried out under the framework of this regulation and obliges itself to comply with everything stipulated therein.

2. That it will assume full responsibility for operations carried out under the framework of the Regulation of Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia.

3. That it will implement the necessary controls so that all executed actions are carried out in accordance with current regulation, being responsible for any consequences derived from their execution.

4. That it will provide the Central Bank of Bolivia with the information that this entity requires for control and follow-up purposes, as well as any possible risk detected in the operations.

5. That all information and data provided in relation to operations carried out under the framework of the Regulation of Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia are true, complete, and transparent.

Signed in [city], on [date].

Signature

[Full Name] [Position] [Entity or Company] [Document Identification Number]