Bolivia Lifts Ban on Crypto Payments to Modernize Financial System
The Central Bank of Bolivia (BCB) has lifted its ban on Bitcoin and crypto payments, allowing banks to transact with digital assets via approved electronic channels.
This move aims to modernize Bolivia’s payment system and align its crypto regulations with other Latin American countries.
Previously prohibited since 2014 and reinforced in 2020, the BCB’s new stance marks a shift away from banning crypto use, though cryptocurrencies remain non-legal tender in Bolivia.
The BCB plans an awareness campaign to educate the public on crypto risks under its Economic and Financial Education Plan.
READ MORE: US State Embraces Bitcoin with New Legislation, Rejects Government-Backed Digital
Effective June 26, the updated regulations were developed with the Financial Investigations Unit (UIF), the Financial System Supervisory Authority (ASFI), and the BCB, in line with recommendations from the Latin American Financial Action Task Force (GAFILAT).
Across Latin America, nations like El Salvador have embraced cryptocurrencies amid economic challenges, setting trends in the region for integrating digital assets into their economies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
