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<ul>
 <li>The Central Bank of Bolivia allows cryptocurrency transactions after years of restrictions.</li>
 <li>While businesses can trade crypto, it’s not an official currency.</li>
 <li>Bolivia has taken the initiative to educate citizens about crypto risks.</li>
</ul>
<p>Bolivia has officially lifted its ban on <a href="https://cryptonewsland.com/parabolic-btc-surge-imminent-as-bitcoin-enters-the-dramatic-banana-zone-new-ath-soon/" rel="noopener noreferrer nofollow">Bitcoin and alternative </a><a href="https://cryptonewsland.com/parabolic-btc-surge-imminent-as-bitcoin-enters-the-dramatic-banana-zone-new-ath-soon/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrencies</a> (altcoins). On June 26, 2024, the Central Bank of Bolivia (BCB) announced that financial institutions are now permitted to engage in cryptocurrency transactions. This regulatory change revokes Board Resolution N°144/2020, which had been in place since December 2020.</p>
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">JUST IN: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e7-1f1f4.png" alt="🇧🇴" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bolivia lifts ban on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and crypto payments, officially making it legal for financial entities.</p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1806446783964336247?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 27, 2024</a>
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<p>The decision to lift the ban comes after years of stringent regulations. In 2014, <a href="https://globaledge.msu.edu/global-resources/resource/10607" rel="noopener noreferrer nofollow">Bolivia’s Financial </a><a href="https://globaledge.msu.edu/global-resources/resource/10607" target="_blank" rel="noopener noreferrer nofollow">regulator</a> issued a resolution prohibiting the use of crypto, citing concerns about consumer protection and the potential for money laundering.&nbsp;</p>
<p>Then, in 2022, the Bolivian central bank further restricted the banking sector from using, marketing, or transacting <a href="https://cryptonewsland.com/jeremy-allaire-believes-that-cryptocurrency-is-the-future/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency assets</a>. This restriction aimed to protect the public from risks, fraud, and swindles.</p>
<p>However, the recent change aligns Bolivia with the recommendations of the Latin American Financial Action Task Force (GAFILAT), which has been pushing for adaptations to crypto. While cryptocurrencies can now be traded through authorized electronic channels, they are not considered legal tender.&nbsp;</p>
<p><a href="https://www.bcb.gob.bo/" rel="noopener noreferrer nofollow">The Central Bank of </a><a href="https://www.bcb.gob.bo/" target="_blank" rel="noopener noreferrer nofollow">Bolivia</a> plans to incorporate information on the risks associated with cryptocurrencies into its Economic and Financial Education Plan. Amidst these challenges, Bolivia’s decision to lift the crypto ban reflects a shift in its approach to digital currencies.</p>
<p>Meanwhile, Bitcoin is showing signs of recovery after tumbling below $60,000 3 days ago. Currently, BTC is trading at $61,4900, having gained 1.40% in the past 24.</p>
<p>Bitcoin’s bearish trend in recent months can be attributed to various factors, including increased regulatory scrutiny, concerns over macroeconomic conditions like inflation and interest rate hikes, and significant sell-offs by major holders.&nbsp;</p>
<p>Additionally, negative sentiment driven by global economic uncertainties and technological challenges, such as scalability and energy consumption issues, have also contributed to its declining value.</p>
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</ul>
<p>The post <a href="https://cryptonewsland.com/bolivia-lifts-ban-on-bitcoin-and-crypto-payments-bullish-momentum-ahead/" rel="noopener noreferrer nofollow">Bolivia Lifts Ban on Bitcoin and Crypto Payments, Bullish Momentum Ahead</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

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

Crypto News Land

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