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Bolivia’s central bank, Banco Central de Bolivia, has repealed its previous ban on Bitcoin and other cryptocurrencies, enabling financial entities to conduct transactions with digital assets. This move, under the new Resolution No. 082/2024, aims to modernize Bolivia’s payment system and align it with broader Latin American crypto regulations.
This regulatory shift marks the end of a ban on crypto use that began in 2014. The central bank’s decision is part of an effort to elevate Bolivia’s struggling economy by embracing the growing digital asset market. While cryptocurrencies can now be traded through approved electronic channels, they are not recognized as legal tender in Bolivia.
Alongside this change, the Banco Central de Bolivia plans to launch an awareness program under its Economic and Financial Education Plan. This initiative will inform the public about the risks associated with cryptocurrencies and promote responsible usage. The new legislation was introduced in collaboration with the Financial Investigations Unit and the Financial System Supervisory Authority.
