According to PANews, Bolivia has lifted its ban on Bitcoin and other cryptocurrencies. The prohibition, which was put into effect in December 2020, has now been officially revoked by the Central Bank of Bolivia (BCB) on June 26. The bank has announced that financial institutions are now permitted to engage in cryptocurrency transactions.
Despite the fact that cryptocurrencies can now be traded through authorized electronic channels, the Central Bank of Bolivia has issued a reminder to its citizens that cryptocurrencies are not considered legal tender. This means that while they can be used for transactions, they are not recognized as an official currency by the Bolivian government.
This move marks a significant shift in Bolivia's stance on cryptocurrencies, which were previously banned due to concerns over their potential use in illegal activities. The lifting of the ban indicates a growing acceptance of digital currencies and could potentially pave the way for further integration of cryptocurrencies into the country's financial system.
