According to PANews, Bolivia has lifted its ban on Bitcoin and other cryptocurrencies. The ban, which came into effect in December 2020, has now been officially rescinded by the Bolivian Central Bank (BCB) on June 26. The bank announced that financial institutions are now allowed to participate in cryptocurrency transactions.
Although cryptocurrencies can now be traded through approved electronic channels, the Bolivian Central Bank has issued a reminder to its citizens that cryptocurrencies are not considered legal tender. This means that although it can be used in transactions, it is not recognized as an official currency by the Bolivian government.
The move represents a major shift in Bolivia's stance on cryptocurrencies, which were previously banned due to concerns about their potential use in illegal activities. The lifting of the ban indicates a growing acceptance of cryptocurrencies and could pave the way for further integration of cryptocurrencies into the country's financial system.