In an important move in Bolivia, the Bitcoin ban was lifted and cryptocurrency transactions through banks were authorized. The Central Bank of Bolivia recently announced the lifting of the ban on payments with Bitcoin and cryptocurrencies.

With this measure, announced on June 26, financial entities can now carry out transactions with digital assets. The action highlights banks’ attempts to modernize their payment systems.

According to its official announcement, the Central Bank of Bolivia justified the measure by stating that the reason behind the permission is to help the country improve its economy, which is facing some difficulties, in addition to promoting alignment with Latin American cryptocurrency regulations.

“The BCB, in coordination with ASFI and UIF, with the aim of modernizing the payment system, issues Board Resolution 084/2024, regarding the use of Virtual Assets”, he highlighted.

Specifically, the regulations that were recently approved in Bolivia only allow financial entities to carry out transactions in cryptocurrencies through electronic channels that are approved in the country. However, the Central Bank of Bolivia explained that, in the country, cryptocurrencies are not accepted as a form of legal tender.

It is worth remembering that the Central Bank of Bolivia took a stance against cryptocurrencies in 2022. Although cryptocurrencies have been officially banned since 2014, the central bank’s most recent resolution specifically focused on “private initiatives related to the use and commercialization of cryptoactives ”. The old industry regulation in Bolivia is characterized by the imposition of severe restrictions on the use and trading of cryptocurrencies.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/bolivia-retira-proibicao-do-bitcoin-e-autoriza-transacoes-com-criptomoedas-atraves-de-bancos/



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