In Land of 25% Inflation, Crypto Is Starting to Replace Money

In Bolivia these days, just about anything seems better than holding the local currency. The buying power of the boliviano has cratered, as trust in the once-dominant socialist government nears all-time lows, inflation hits three-decade highs and dollars are in short supply.

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That’s why more and more people are turning to a risky alternative to do business and protect their hard-earned savings: cryptocurrencies.

From small coffee shops to large corporations, signs of rapid adoption are everywhere in this landlocked nation of 11 million in South America. At the El Alto International Airport, a vendor lists prices of candy and ...