In a significant development within **Bolivia**, the prohibition on Bitcoin has been lifted, paving the way for cryptocurrency dealings via banking institutions. The **Central Bank of Bolivia** has made a pivotal announcement, revoking the ban on Bitcoin and other cryptocurrency payments.
This progressive step, declared on **June 26**, enables financial organizations to engage in digital asset transactions, signifying a concerted effort to bring banking payment systems into the modern era.
The Central Bank of Bolivia has rationalized this decision as a strategic move to bolster the national economy, which is currently navigating challenges, and to ensure compliance with the nation’s cryptocurrency regulations within Latin America.
In a bid to revamp the payments system, the **BCB**, in collaboration with the **ASFI** and the **UIF**, has enacted **Board Resolution 084/2024**. This resolution is centered on the utilization of Virtual Assets, as underscored in their official proclamation.
The full announcement can be accessed through the Central Bank of Bolivia’s official communication channels.
On a more detailed note, the newly sanctioned regulations in Bolivia restrict financial entities to conducting cryptocurrency transactions solely via nationally approved electronic channels. Nevertheless, the Central Bank of Bolivia clarifies that cryptocurrencies are not recognized as legal tender within the country.
It’s noteworthy that the Central Bank of Bolivia had previously expressed opposition to cryptocurrencies in 2022. Despite an official ban on cryptocurrencies since 2014, the central bank’s latest resolution zeroes in on “private initiatives concerning the usage and trading of cryptoactives.” Historically, Bolivia’s industry regulations have been marked by stringent restrictions on cryptocurrency usage and trade.
**Disclaimer:**
The perspectives and opinions presented by the author or any individuals referenced in this article serve solely for informational purposes and should not be construed as financial, investment, or other forms of advice. Engaging in cryptocurrency investments or trading poses a risk of financial loss.
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