Cryptocurrency

Bank

2024

Bitcoin

Force

<p>The post <a href="https://coinpedia.org/news/bolivia-opens-doors-to-cryptocurrency-trading-after-4-years-of-ban/">Bolivia Opens Doors to Cryptocurrency Trading After 4 Years Of Ban</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After four years, the Central Bank of Bolivia has officially reversed its 2020 ban on Bitcoin and other cryptocurrencies. This move, aimed at updating the financial system, acknowledges the growing importance of digital currencies in the global financial ecosystem. By reversing the ban, Bolivia is recognizing the increasing relevance and potential impact of digital assets on the economy.</p> 
<h2 class="wp-block-heading" id="h-bcb-lift-ban-on-bitcoin">BCB Lift Ban On Bitcoin</h2> 
<p>The Central Bank of Bolivia (BCB) announced that financial institutions can now engage in cryptocurrency transactions through authorized electronic channels. This change aligns Bolivia with Argentina’s more relaxed stance on digital assets and ends a ban on crypto use that started in 2014.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="es" dir="ltr">El BCB, en coordinación con la ASFI y la UIF, a fin de modernizar el sistema de pagos, emite la Resolución de Directorio 084/2024, respecto al uso de los Activos Virtuales.<br><br>Lee la nota completa: <a href="https://t.co/37Zpgg0V62">https://t.co/37Zpgg0V62</a><a href="https://twitter.com/hashtag/UnPa%C3%ADsUnidoEsUnPa%C3%ADsFuerte?src=hash&amp;ref_src=twsrc%5Etfw">#UnPaísUnidoEsUnPaísFuerte</a> <a href="https://twitter.com/hashtag/ElBCBGarant%C3%ADaDeLaEstabilidad?src=hash&amp;ref_src=twsrc%5Etfw">#ElBCBGarantíaDeLaEstabilidad</a> <a href="https://t.co/PX1uai8BeY">pic.twitter.com/PX1uai8BeY</a></p>— Banco Central de Bolivia (@BancoCentralBO) <a href="https://twitter.com/BancoCentralBO/status/1805997364362318143?ref_src=twsrc%5Etfw">June 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This reversal of the 2020 ban, coordinated with the Financial System Supervision Authority (ASFI) and the Financial Investigations Unit (UIF), allows more freedom but still does not recognize cryptocurrencies as legal tender.&nbsp;</p> 
<p>The change aligns with the suggestions from the Latin American Financial Action Task Force (GAFILAT), which advocates for updated crypto regulations. The “Boliviano” remains the only official currency, so businesses are not required to accept cryptocurrencies, and users need to be aware of the risks.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bolivia-boosts-awareness-of-cryptocurrency-risks">Bolivia Boosts Awareness of Cryptocurrency Risks</h2> 
<p>Bolivia is taking steps to educate its citizens about the risks of trading cryptocurrencies as part of its Economic and Financial Education Plan. This effort by the Central Bank of Bolivia (BCB) aims to ensure people handle digital assets safely and understand potential risks.&nbsp;</p> 
<p>Bolivia’s move reflects its commitment to adapting to changes in digital finance and international money transfers, aligning with global trends toward integrating cryptocurrencies while adjusting regulations accordingly.</p> 
<p>Despite the regulatory change, Bitcoin’s price rose by about 1.7%, from $60,580 to $62,333. Currently, Bitcoin is <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">trading at $61,672</a> with a market cap of $1.2 Trillion.&nbsp;</p> 
<p>Read Also : <a href="https://coinpedia.org/news/shiba-inu-price-poised-for-a-massive-rally-as-it-enter-into-buy-zone/" target="_blank" rel="noreferrer noopener">Shiba Inu Price Poised For A Massive Rally As It Enter Into Buy Zone</a></p>

Bolivia Opens Doors to Cryptocurrency Trading After 4 Years Of Ban

Table of Contents

CoinPedia News

Other articles published on Jun 28, 2024

BlockDAG’s X1 Beta Mining App & $54.1M Presale Challenges Cardano’s Sundae V3 Update & NEAR Proto...

21Shares Files for Spot SOL Coin ETF

DTX Exchange Stuns Analysts With Summer Rally, BONK, and WLD Traders Jump at Viral Presale

The Animoca Brands News: Excitement as Company Plans 2025 Market Return

Bitcoin ETF, Nvidia, & AI Hype Usher $400 Billion Investment in ETFs

Bolivia Lifts Ban on Bitcoin and Crypto Payments, Bullish Momentum Ahead

Join our free newsletter for daily crypto updates!