Bitcoin and Altcoin Ban Lifted After Four Years
The Central Bank of Bolivia has officially lifted the ban on Bitcoin and other cryptocurrencies that was implemented in 2020.
The Central Bank of Bolivia (BCB) announced on June 26 that it allows financial institutions to conduct cryptocurrency transactions through authorized electronic channels.
Bolivia came to the fore this week with the news of a coup. The military coup attempt, launched under the leadership of General Jose Zuniga, failed as a result of the struggle of President Luis Arce and the people.
This step was taken in line with neighboring Argentina's more flexible stance on digital assets.
The reversal 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).
He warned even if the ban is lifted
The Central Bank of Bolivia emphasized that although the ban has been lifted, 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 cryptocurrency-related risks themselves.
BCB plans to include cryptocurrency security information in its Economic and Financial Education Plan to manage this risk.