The Central Bank of Bolivia has officially lifted the ban on Bitcoin and other cryptocurrencies introduced in 2020.
In a statement made on June 26, the Central Bank of Bolivia (BCB) announced that it allows financial institutions to conduct cryptocurrency transactions through authorized electronic channels.
Bolivia came to the fore this week with the military coup attempt launched under the leadership of General Jose Zuniga. However, as a result of the struggle of President Luis Arce and the people, the coup attempt failed.
This step was taken in line with neighboring Argentina's more flexible stance on digital assets.
The lifting of the ban, which came into force in 2020 after four years, was coordinated with the Financial System Supervisory Authority (ASFI) and the Financial Investigations Unit (UIF).
Warnings Continue
The Central Bank of Bolivia emphasized that despite the lifting of the ban, cryptocurrencies are not "legal tender" and the country's only legal currency is "Boliviano".
Therefore, businesses are not required to accept cryptocurrencies as payment, and users must manage the risks posed by cryptocurrencies themselves.
BCB plans to include cryptocurrency security information in its Economic and Financial Education Plan to manage these risks.
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