Board Resolutions No. 088/2025

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D I R E C T O R I O

BOARD RESOLUTION NO. 088/2025

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – MODIFY THE REGULATION ON 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.

The Regulation on Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia, approved by Board Resolution No. 031/2025 of March 11, 2025.

The report BCB-GEF-SSPSF-DVSP-INF-2025-42 of June 27, 2025 issued by the Financial Entities Management (GEF).

The report BCB-GAL-SANO-DLBCI-INF-2025-217 of July 4, 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 BCB to maintain the stability of the internal purchasing power of the currency, to contribute to economic and social development.

That numeral 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 from the State, in accordance with the Law.

That Articles 2, 3, and 30 of Law No. 1670 establish that the BCB's objective is to ensure the stability of the internal purchasing power of the 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 Superintendency of Banks and Financial Entities, currently the Financial System Supervisory Authority (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 subsections 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 norms; having among its attributions, the power to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; to regulate the administration of payment systems among authorized financial entities; and to 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 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 states that operations carried out within the framework of the services provided by financial entities may be carried out through electronic means, which must necessarily comply with security measures that guarantee integrity, confidentiality, authentication, and non-repudiation.

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

That the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement has the object of regulating, within the scope of the national payment system, the services and Payment Instruments (IEP) and the compensation and settlement derived from these instruments, as well as establishing the general framework for the creation, constitution, and functioning of Compensation and Settlement Chambers (CCL) and Payment Service Companies (ESP).

That numerales 1) and 3) of Article 5 of the BCB Statute provide that the BCB has regulatory competence to issue specialized norms 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 objective.

That Articles 5, 6, and numerales 1), 13), and 30) of Article 10 of the BCB Statute establish as competence of the BCB to issue specialized norms in the fields assigned to it by the Law and the formulation of policies and application of instruments that allow fulfilling its objective; said norms must be approved by Board Resolution, in application to the attributions that the Board has to Approve general decisions and

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issue the norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law; approve the norms 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 establish 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 matter object 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-2025-42 concludes that the Regulation on transitory settlement accounts for public and private entities or companies at the BCB enables the Issuer Entity to provide without cost the service of generating QR codes for the payment of basic services, consolidate collection, receive resources temporarily and transfer them to the accounts of said companies/entities in the financial system, promoting the digitalization of payments in the State, so the proposed modifications will clarify the functionalities of the service provided by the BCB and clarify procedural aspects such as the instances responsible for the approval of operational documents, facilitating the application and compliance with the Regulation considering that they are technically viable, therefore recommending to the Board of the BCB its approval.

That report BCB-GAL-SANO-DLBCI-INF-2025-217 from the GAL concludes that the proposal of the GEF regarding the modification of the Regulation on Transitory Settlement Accounts for Public and Private Entities or Companies at the BCB is legally viable, since it does not contravene current regulation and is framed within what is established in Article 38 of Law No. 1670 and the Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, recommending to the Board its approval.

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THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Modify Article 4 of the Regulation on Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia, approved by Board Resolution No. 031/2025 of March 11, 2025, with the following text:

“Article 4.- (Definitions)

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

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

c) Technical-operational adherence guide. Operational document prepared and approved by the Financial Entities Management and the Systems Management, within the framework of their functions, where the enabling procedure, the operation, the procedure for the suspension of transitory settlement accounts, contingency procedure, and functionalities of the mechanism provided by the BCB for the processing of immediate payments are defined. The approval and its modifications will be disseminated through a Communication of the LIP Administration.

d) Deferred Settlement Module. Retail payment module of the LIP that facilitates the interconnection of the computer developments of participants 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.

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e) 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 2.- Modify Paragraph I of Article 6 of the Regulation on Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia, approved by Board Resolution No. 031/2025 of March 11, 2025, with the following text:

“Article 6.- (Enabling by the BCB)

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

Article 3.- Modify Article 9 of the Regulation on Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia, approved by Board Resolution No. 031/2025 of March 11, 2025, with the following text:

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

The BCB may suspend the transitory settlement account according to the procedure and grounds established in the technical-operational adherence guide.”

Article 4.- Repeal Article 10 of the Regulation on Transitory Settlement Accounts for Public and Private Entities or Companies at the Central Bank of Bolivia, approved by Board Resolution No. 031/2025 of March 11, 2025.

Article 5.- This Resolution will enter into force from its publication.

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Article 6.- The Presidency and General Management are charged with the compliance and dissemination of this Resolution.

La Paz, July 4, 2025

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

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