In a significant development in Bolivia, the ban on Bitcoin has been lifted and banks have been authorized to carry out cryptocurrency transactions. The Central Bank of Bolivia recently announced the lifting of the ban, allowing financial institutions to engage in involving digital assets. This move demonstrates the banks’ efforts to modernize their payment systemsThe Central Bank of Bolivia justified this decision by stating that it aims to improve the country’s economy, which is currently facing difficulties, while also aligning with cryptocurrency regulations in America To achieve this, they issued Board Resolution 084/2024 in coordination with ASFI and UIF focusing on virtual assets and their use in modernizing the payment system.
It is important to note that although financial entities are now allowed to conduct cryptocurrency transactions through electronic channels in Bolivia, cryptocurrencies are not recognized as legal tender within the country.
It is worth that the Central Bank of Bolivia had previously taken a strong stance against cryptocurrencies back in 2022. Despite being officially banned since 2014, their recent resolution specifically targeted private initiatives related to cryptoactive use and trade. The previous industry regulations imposed strict restrictions on cryptocurrencies.
Disclaimer: The author’s views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing trading cryptocurrencies carries a risk of potential financial loss.
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