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The new regulation allows crypto transactions
- Bolivia lifts 2020 ban, allowing cryptocurrency transactions through authorized electronic means.
- The Central Bank of Bolivia, in collaboration with ASFI and UIF, adapts the regulation following the GAFILAT guidelines.
Bolivia has lifted its ban on transactions with bitcoin and other cryptocurrencies, a measure made official by the Central Bank of Bolivia (BCB) on June 26. This regulatory change revokes Council resolution no. 144/2020 in force 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 Flash News on Cryptocurrenciescover.
The adaptation of the legislation is the result of collaboration between the BCB, the Financial System Supervision Authority (ASFI) and the Financial Investigations Unit (UIF).
The update is in line with the recommendations of the Latin American Financial Action Task Force (GAFILAT), which urged Bolivia to adapt to the challenges of the financial and digital environment of cryptocurrencies, in CNF you can read more about it.
Although it is now possible to exchange cryptocurrencies through authorized electronic channels, the Central Bank reminded citizens that cryptocurrencies are not legal tender in Bolivia. This means that there is no obligation to accept them as a means of payment.
The BCB also announced that it will incorporate information on the risks associated with the commercialization of cryptocurrencies into its Economic and Financial Education Plan. This effort aims to educate the public on how to safely handle cryptocurrencies, stressing the importance of being informed about potential risks.
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