Bank

<h4><strong>South American nation, Bolivia, has lifted its ban on crypto transactions. The country’s central bank has given the nod to banks conducting transactions with digital assets like cryptocurrencies. </strong></h4> 
<p>The move is part of Bolivia’s efforts to modernize its payment system. Let’s discover more about this important news for crypto in South America.</p> 
<h5><strong>Bolivia Reverses Crypto Transaction Ban</strong></h5> 
<p>The Central Bank of Bolivia <a href="https://x.com/BancoCentralBO/status/1805997364362318143" target="_blank" rel="noopener">said</a> the move would help improve the nation’s weak economy. And also align with the broader crypto regulations in Latin America. Bolivia first announced a ban on crypto use in 2014. The nation’s government later restricted banks from interacting with digital assets in 2020.</p> 
<p>The central bank, however, clarified that it does not recognize crypto as legal tender despite withdrawing the ban. However, it does mean that banks can transact in cryptocurrencies via recognized electronic channels.</p> 
<figure id="attachment_144282" aria-describedby="caption-attachment-144282" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-144282 " src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Bolivia.jpg" alt="" width="582" height="508" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Bolivia.jpg 930w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Bolivia-300x262.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Bolivia-768x670.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Bolivia-482x420.jpg 482w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Bolivia-696x607.jpg 696w" sizes="(max-width: 582px) 100vw, 582px">
 <figcaption id="caption-attachment-144282" class="wp-caption-text">
  Source: <a href="https://x.com/MarioBujorean/status/1806628509667791024" target="_blank" rel="noopener">X</a>
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</figure> 
<p>So, Bolivia’s central bank further plans to create an education and awareness plan for the public on cryptocurrencies. The plan would seek to address and explain the risks involved in interacting with cryptocurrencies. This is somewhat similar to a rule imposed by the UK’s Financial Conduct Authority (FCA) <a href="https://www.fca.org.uk/news/statements/fca-updates-position-cryptoasset-exchange-traded-notes-professional-investors#:~:text=In%20January%202020%2C%20the%20FCA,cryptoassets%20to%20UK%20retail%20consumers." target="_blank" rel="noopener">demanding</a> crypto firms inform users of the risks of crypto activities.</p> 
<h5><strong>Growing Crypto Adoption in Latin America</strong></h5> 
<p>Latin American countries have seen worsening economic conditions in recent years. Residents of these nations have turned to cryptocurrencies. Some use crypto as a hedge against inflation. Others rely on crypto as a store of value.</p> 
<p>El Salvador made history in 2021 when it announced Bitcoin as a legal tender. While the move was widely criticized at the time, the Latin American nation appears to have justified its stance on Bitcoin over the years.</p> 
<p><img decoding="async" class="wp-image-144316 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfgfhg-155x300.jpg" alt="" width="402" height="778" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfgfhg-155x300.jpg 155w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfgfhg-217x420.jpg 217w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/vcxfdgfgfhg.jpg 298w" sizes="(max-width: 402px) 100vw, 402px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/LatamData/status/1668981476690481156" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Other countries, like Brazil, have shown huge interest in crypto. Brazil has a 15% tax on crypto profits. Argentina recently elected a pro-crypto candidate, hoping to turn the nation’s economy around with modern approaches.</p> 
<p>Mexico accepts Bitcoin for transactions. However, Mexico does not recognize crypto as an official currency. Interestingly, Mexico taxes profits made from selling crypto on centralized exchanges like Binance.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/bolivia-authorizes-banks-to-interact-with-crypto/">Bolivia Authorizes Banks to Interact With Crypto</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Bolivia Authorizes Banks to Interact With Crypto

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