MercoPress. South Atlantic News Agency

TikToker rattles Bolivia's financial system

Villafuerte has some 70,000 followers

Twenty-one-year-old TikToker Juan Carlos Villafuerte was arrested for allegedly damaging the credibility of Bolivia's system after the Financial System Supervisory Authority (ASFI) filed a complaint against him for creating videos that claimed “banks in Bolivia are in danger” and advised people to withdraw their savings.

The ASFI stated that these “unfounded statements” could cause “massive withdrawals of deposits” and harm the country's economic stability, a crime punishable by 5 to 10 years in prison. The arrest of the young man, who promotes virtual workshops on making money and using cryptocurrencies, sparked immediate criticism from various public figures, including Ombudsman Pedro Callisaya, who condemned the state's “disproportionate use of punitive power” and a violation of freedom of expression.

The Attorney General's office has since announced that while the case will remain open, Villafuerte is expected to be released. Attorney General Róger Mariaca said Wednesday at a press conference that a commission of prosecutors “has reevaluated the investigation” and announced that the young man would not be charged.

Meanwhile, ASFI officials insisted they only filed a complaint but requested no arrest. The arrest warrant, however, signed by Prosecutor Frank Vásquez, cited a law that criminalizes the dissemination of false financial information that could induce or cause massive withdrawals of deposits.

The incident took place amid an ongoing economic crisis in Bolivia, characterized by a lack of dollars and rising prices.