Regulation
New regulation allows crypto transactions
- Bolivia repeals 2020 ban, allowing cryptocurrency transactions through authorized electronic means.
- The Central Bank of Bolivia, in collaboration with ASFI and UIF, adjusts regulations following 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 Board Resolution No. 144/2020 which was in effect since December 2020, thus allowing the use of electronic means to operate with digital assets, just as its neighboring country, the ‘Argentina, you can find out more at OUR News flash on cryptocurrenciesblanket.
The adaptation of the regulations is the result of collaboration between the BCB, the Financial System Supervisory Authority (ASFI) and the Financial Investigation Unit (UIF).
The update aligns with the recommendations of the Latin American Financial Action Task Force (GAFILAT), which urged Bolivia to adapt to the challenges of the crypto financial and digital environment, in CNF you can find out more.
Although cryptocurrencies are now allowed to be exchanged 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 would 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 handle cryptocurrencies safely, emphasizing the importance of being informed about potential risks.
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