Bolivia eliminates the ban on making transactions with bitcoin

In a statement published this June 26, the Central Bank of Bolivia (BCB) announced its decision to update the regulation of the bitcoin (BTC) ecosystem and other cryptocurrencies

According to what the official publication indicates, the government of Luis Arce decided to annul Board Resolution No. 144/2020, effective as of December 15, 2020, which prevented the free marketing of crypto assets in the country. In this way, “the use of channels and Electronic Payment Instruments (IEP) is enabled for cryptocurrency purchase and sale operations.”

As the monetary organization adds in its writing, the decision was made in coordination with the Financial System Supervision Authority (ASFI) and the Financial Investigations Unit (UIF).

The idea is to follow the recommendations of the Latin American Financial Action Group (GAFILAT), which advised the Bolivian authorities proceed to regulate the ecosystem. This, taking into account that in recent years “a legal basis has been generated that will allow us to face new challenges in this modernization process.”

“The BCB, within the framework of its policies, has continuously promoted the modernization of the national payment system and the development of the payment infrastructure, enabling with its actions the adoption of technological innovations and new payment schemes,” says the BCB.

In closing, the central bank reaffirms its position on cryptocurrencies, reiterating that They are not considered legal tender in the South American countryso “there is no obligation on the part of the population to receive them as a means of payment.”

They are also committed to incorporating in its Economic and Financial Education Planconceptual aspects and topics related to the “risks associated with operations with virtual assets.”