The Central Bank of Bolivia (BCB) has ended its prohibition on Bitcoin and cryptocurrency transactions, enabling financial institutions to engage in digital asset transactions to modernize the payment system. This move aims to help Bolivia's struggling economy and align it with Latin American crypto regulations. The regulatory shift signifies the reversal of a crypto ban that began in 2014, with banking entities barred from dealing with cryptocurrencies since December 2020. The new regulations permit banks to trade in cryptocurrencies through approved electronic channels, although these assets are not considered legal tender. The BCB plans to educate the public on cryptocurrency risks and responsible management under its Economic and Financial Education Plan. The collaboration between the BCB, UIF, ASFI, and the government bodies has updated regulations effective from June 26, aligning Bolivia with GAFILAT's recommendations to utilize crypto for economic growth. Read more AI-generated news on: https://app.chaingpt.org/news
