Cryptocurrency transactions can be processed by Bolivian banks.
The new regulations reflect the suggestions made by GAFILAT, which seek to help the nation adjust to the evolving financial and digital landscape.
Through officially sanctioned payment channels, nationals will be able to send and receive cryptocurrency.
Bans on Bitcoin and other cryptocurrencies have been lifted by the Bolivian Central Bank (BCB). Cryptopolitan reports that the country’s banks will be able to handle virtual asset transactions thanks to the solution.
Board Resolution No. 144/2020, which has been in effect since December 2020, is repealed by the regulatory change. Several Bolivian government agencies, including the UIF and the Office of Financial Supervision (ASFI), reportedly collaborated with the Central Bank of Bolivia to draft new regulations for the cryptocurrency market.
The new regulations are in accordance with what the Financial Action Task Force on Money Laundering in Latin America (GAFILAT) has recommended, according to the report. Bolivia was previously urged by the department to adjust to the difficulties posed by the modern financial and technological landscape.
Transfers of cryptocurrency amongst national residents will soon be possible via officially sanctioned payment systems, per the BCB resolution. Cryptocurrencies are not yet legal tender, according to Bolivia’s Central Bank.
The BCB also made an announcement regarding the addition of cryptocurrency circulation risk information to its Economic and Financial Education Plan. The government agency is trying to educate the people on the risks of digital assets and how to handle them securely.
More than twenty nations in the Americas have passed legislation to make cryptocurrency transactions legal, as we mentioned before. Another country that has banned Bitcoin and other crypto-assets since 2014 is Bolivia.