Anonymous

America

Bitcoin

Bolivia’s central bank, <a href="https://www.bcb.gob.bo/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Banco Central de Bolivia</a>, has reversed its ban on Bitcoin and cryptocurrency payments, now permitting financial entities to conduct transactions using digital assets to modernize its payment system.
This shift aims to help bolster Bolivia’s struggling economy and bring it in line with Latin American crypto regulations.
The change marks the end of a crypto ban that started in 2014. In December 2020, the government had prohibited banking entities from engaging with cryptocurrencies under Board Resolution N°144/2020.
Now, approved regulations allow banks to transact in cryptocurrencies via authorized electronic channels.
However, the central bank emphasized that cryptocurrencies are not considered legal tender.
Therefore, while banks can trade crypto assets, the Bolivian government does not recognize them as legal currency, and businesses are not required to accept them as payment.
Banco Central de Bolivia also plans to launch an awareness program under its Economic and Financial Education Plan.
This initiative aims to educate the public about the potential risks of cryptocurrencies and how to handle them responsibly.
The new regulations were developed in collaboration with the Financial Investigations Unit, the Financial System Supervisory Authority, and the central bank. These three bodies crafted the regulatory update, which took effect on June 26.
READ MORE: <a href="https://www.cryptointelligence.co.uk/julian-assange-released-after-14-year-extradition-battle-cleared-of-debts-by-anonymous-bitcoin-donation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Julian Assange Released After 14-Year Extradition Battle, Cleared of Debts by Anonymous Bitcoin Donation</a>
The legislation also aligns Bolivia’s crypto regulations with recommendations from the Latin American Financial Action Task Force, positioning Bolivia among other Latin American nations adopting crypto to boost their economies.
Latin America is increasingly embracing Bitcoin.
Over recent years, several countries in the region have faced economic challenges and rising inflation, prompting them to seek alternative solutions.
Cryptocurrencies have emerged as a popular option in this new economic landscape.
El Salvador was the first country in Latin America and the only one globally to adopt Bitcoin as legal tender alongside the US dollar in 2021.
Mexico, while not recognizing cryptocurrency as legal tender, allows it for value transfers and payments and taxes profits from crypto sales on centralized exchanges.
Brazil has also become pro-crypto, introducing income-tax regulations in 2023, with a 15% tax on crypto profits.
Argentina recently elected a pro-Bitcoin president to combat rampant inflation, following El Salvador’s example.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bolivia Lifts Ban on Bitcoin, Modernizes Payment System with New Crypto Regulations

Crypto Intelligence

Các bài viết khác được xuất bản trên 29 thg 6, 2024

BlockDAG Breaks Records: $54.5M Presale & Strategic Initiatives as AVAX and BNB Face Market Scrut...

Judge Amy Berman Jackson Endorses Key Aspects of SEC v Ripple Ruling in Binance Case

Bitcoin: Trading interest on a high, will BTC’s price follow suit soon?

Crypto: $860 Million in Tokens To Be Released Next Month

Legendary Bitcoin Trader Predicts Massive 12,324% Rally for This Ethereum Token in Just 55 Days

Bitcoin HODLer Supply Continues Decline: A Worrying Sign?

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!