News
The new regulation allows crypto transactions
- Bolivia repeals 2020 ban, allowing cryptocurrency transactions via authorized electronic means.
- The Central Bank of Bolivia, in collaboration with ASFI and UIF, adapts the regulation following the GAFILAT guidelines.
Bolivia has lifted the 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 N°144/2020 in force since December 2020, thus allowing the use of electronic means to operate with digital assets, just as neighboring country Argentina has done, you can find out more in Our Cryptocurrency Flash Newscoverage.
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 cryptocurrencies are now allowed to be exchanged through authorized electronic channels, the Central Bank 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 also announced that it will integrate information on the risks associated with the marketing of cryptoassets into its Economic and Financial Education Plan. This effort aims to educate the public on how to safely manage cryptocurrencies, highlighting the importance of being informed about potential risks.
No spam, no lies, just insights. You can cancel at any time.