The post Latin American Crypto Adoption: Bolivia Lifts 4-Year Ban appeared on BitcoinEthereumNews.com.

Crypto adoption continues to expand in Latin America as more countries embrace cryptocurrencies and digital assets. Recently, Bolivia announced they lifted their 4-year crypto ban to “modernize the payment system.” Bolivia About To Revolutionize Its Payment System On June 26, the Central Bank of Bolivia (BCB) revealed it had revoked its previous resolution that banned the use of cryptocurrencies in the country. The Board Resolution N°144/2020, issued on December 15, 2020, prohibited the “use of channels and Electronic Payment Instruments (IEP) for purchase and sale transactions of Virtual Assets.” The new Board Resolution N°082/2024 allows financial entities to transact with crypto. The decision was made in collaboration with the Financial System Supervisory Authority (ASFI) and the Financial Investigations Unit (UIF), taking into consideration the Mutual Evaluation of the Plurinational State of Bolivia 2023 – 2024 carried out by the Latin American Financial Action Task Force (GAFILAT). BCB’s press release annoucing the ban lift. Source: Banco Central de Bolivia on X  After the evaluation, GAFILAT recommended the Bolivian watchdogs consider the regulation of Virtual Asset Service Providers (VASPs) “according to the public policy to be defined in the Bolivian context.” The task force also highlighted that during the last year, the country has worked on a legal basis that “will allow facing new challenges in this modernization process” and incorporate crypto and its regulations into the Bolivian payment system. The president of the Central Bank of Bolivia, Edwin Rojas Ulo, affirmed that the BCB has continuously worked to modernize the country’s payment system and infrastructure. Rojas Ulo emphasized that, with the new Board Resolution, Bolivians will have a new mechanism for financial activities. The BCB, within the framework of its policies, has continuously promoted the modernization of the national payment system and the development of the payment infrastructure, making viable with…

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Filed under: News - @ June 29, 2024 6:20 am