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Заголовок Crypto Adoption Expands In Latin America: Bolivia Lifts 4-Year Cryptocurrency Ban
Дата 20240629

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Crypto Adoption Expands In Latin America: Bolivia Lifts 4-Year Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта Ban

Crypto Adoption Expands In Latin America: Bolivia Lifts 4-Year Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
Ban

by Rubmar Garcia

36 mins ago

in Crypto News

0

Crypto adoption continues to expand in Latin America as more countries embrace
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта and digital assets. Recently, Bolivia announced they lifted
their 4-year crypto ban to “modernize the payment system.”

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• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
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On The Industry

Bolivia About To Revolutionize Its Payment System

On June 26, the Central Bank of Bolivia (BCB) revealed it had revoked its
previous resolution that banned the use of cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in the country.
The Board Resolution N°144/2020, issued on December 15, 2020, prohibited the
“use of channels and Electronic Payment Instruments (IEP) for purchase and
sale transactions of Virtual Assets.”

The new Board Resolution N°082/2024 allows financial entities to transact with
crypto. The decision was made in collaboration with the Financial System
Supervisory Authority (ASFI) and the Financial Investigations Unit (UIF),
taking into consideration the Mutual Evaluation of the Plurinational State of
Bolivia 2023 2024 carried out by the Latin American Financial Action
Task Force
(GAFILAT).

BCB's press release annoucing the ban lift. Source: Banco Central de Bolivia
on X

After the evaluation, GAFILAT recommended the Bolivian watchdogs consider the
regulation of Virtual Asset Service Providers (VASPs) “according to the public
policy to be defined in the Bolivian context.”

The task force also highlighted that during the last year, the country has
worked on a legal basis that “will allow facing new challenges in this
modernization process” and incorporate crypto and its regulations into the
Bolivian payment system.

The president of the Central Bank of Bolivia, Edwin Rojas Ulo, affirmed that
the BCB has continuously worked to modernize the country’s payment system and
infrastructure. Rojas Ulo emphasized that, with the new Board Resolution,
Bolivians will have a new mechanism for financial activities.

The BCB, within the framework of its policies, has continuously promoted the
modernization of the national payment system and the development of the
payment infrastructure, making viable with its actions the adoption of
technological innovations and new payment schemes, currently becoming a
regional reference in terms of interconnection, interoperability, and digital
financial inclusion, promoting active and equal participation of banking and
non-banking entities, favoring the democratization of financial services• Экономика » Финансы » Финансовые услуги

• Сфера услуг » Финансовые услуги
.
Within this framework, Board Resolution N° 084/2024 will provide the
population with an additional mechanism that will contribute to the
strengthening of financial and commercial activities.

A Step Toward Broader Crypto Adoption

According to the press release, ASFI will control the Financial Intermediation
Entities (EIF), including the means the entities provide to acquire crypto
assets. Additionally, it will offer financial education on virtual assets and
their risks to the population.

The IUF will oversee the preventive measures “to identify possibly suspicious
operations linked to the legitimization of illicit profits and financing of
terrorism.” The institution will make the “pertinent regulatory adjustments”
to prevent crime-related transactions with virtual assets.

However, the BCB emphasized that the Boliviano remains the only legal tender
in the country. Unlike El Salvador, which made Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin a legal tender in the
country, BTC and other cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта arenot cash, and there is no
obligation on the part of the populationto receive them as a payment method.

Ultimately, the Central Bank will incorporate conceptual aspects and the risks
of using crypto assets into its Economic and Financial Education Plan. This
measure aims to promote greater knowledge to the population and allow
Bolivians to make informed decisions when using virtual assets.

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Democratic Primary

Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) is trading at $61,713 in the five-day chart. Source: BTCUSDT on
TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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