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- Bolivia repeals 2020 ban, allowing cryptocurrency transactions through authorized electronic means.
- The Central Bank of Bolivia, in collaboration with ASFI and UIF, adjusts the regulation following GAFILAT guidelines.
Bolivia has lifted the ban on conducting transactions with bitcoin and other cryptocurrencies, a measure made official by the Central Bank of Bolivia (BCB) on June 26. This regulatory change revokes Board Resolution N°144/2020 that had been in effect since December 2020, thus allowing the use of electronic means to operate with digital assets, just as its neighboring country Argentina has done, you can read more about it in our Crypto News Flashcoverage.
The adjustment in the regulation was the result of a collaboration between the BCB, the Financial System Supervisory Authority (ASFI) and the Financial Investigations Unit (UIF).
The update aligns with the recommendations of the Latin American Financial Action Task Force (GAFILAT), which has urged Bolivia to adapt to the challenges of the Crypto financial as well as the digital environment, in CNF you can read more about it.
Although cryptocurrencies are now allowed to be traded through authorized electronic channels, the Central Bank has reminded citizens that cryptocurrencies are not considered legal tender in Bolivia. This means that there is no obligation to accept them as a means of payment.
The BCB has also announced that it will incorporate information on the risks associated with the commercialization of cryptoassets in its Economic and Financial Education Plan. This effort seeks to educate the public on how to safely handle cryptocurrencies, highlighting the importance of being informed about the potential risks.