After four years, the Central Bank of Bolivia has officially reversed its 2020 ban on Bitcoin and other cryptocurrencies. This move, aimed at updating the financial system, acknowledges the growing importance of digital currencies in the global financial ecosystem. By reversing the ban, Bolivia is recognizing the increasing relevance and potential impact of digital assets on the economy.
BCB Lift Ban On Bitcoin
The Central Bank of Bolivia (BCB) announced that financial institutions can now engage in cryptocurrency transactions through authorized electronic channels. This change aligns Bolivia with Argentina’s more relaxed stance on digital assets and ends a ban on crypto use that started in 2014.
This reversal of the 2020 ban, coordinated with the Financial System Supervision Authority (ASFI) and the Financial Investigations Unit (UIF), allows more freedom but still does not recognize cryptocurrencies as legal tender.
The change aligns with the suggestions from the Latin American Financial Action Task Force (GAFILAT), which advocates for updated crypto regulations. The “Boliviano” remains the only official currency, so businesses are not required to accept cryptocurrencies, and users need to be aware of the risks.
Bolivia Boosts Awareness of Cryptocurrency Risks
Bolivia is taking steps to educate its citizens about the risks of trading cryptocurrencies as part of its Economic and Financial Education Plan. This effort by the Central Bank of Bolivia (BCB) aims to ensure people handle digital assets safely and understand potential risks.
Bolivia’s move reflects its commitment to adapting to changes in digital finance and international money transfers, aligning with global trends toward integrating cryptocurrencies while adjusting regulations accordingly.
Despite the regulatory change, Bitcoin’s price rose by about 1.7%, from $60,580 to $62,333. Currently, Bitcoin is trading at $61,672 with a market cap of $1.2 Trillion.
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