Bolivia lifts 10-year old ban on Bitcoin

[nullama]

Bolivia, a country in South America, used to be extremely against Bitcoin. Since 2014 they have had regulations against its use, with further updates on that in 2020.

But now it has all changed, and the Central Bank of Bolivia has recently removed all bans on Bitcoin transactions. Here's the X post from them:

https://x.com/BancoCentralBO/status/1805997364362318143


PDF link here: https://www.bcb.gob.bo/webdocs/files_noticias/CP_35%20NormativaActivosVirtuales4.pdf

This is the official statement from the central bank (in Spanish):

El Banco Central de Bolivia (BCB), comunica a la opinión pública que mediante Resolución de Directorio N°082/2024, de 25 de junio de 2024 dejó sin efecto la Resolución de Directorio N°144/2020, de 15 de diciembre de 2020, habilitando, de esta manera, el uso de canales e Instrumentos Electrónicos de Pago (IEP) para operaciones de compra y venta de Activos Virtuales.

They also clearly stated that this doesn't mean that Bitcoin is legal tender:

El BCB enfatizó que la única moneda de curso legal en el país es el Boliviano conforme a la Ley N°901 de 28 de noviembre de 1986. En este sentido, un activo virtual no es una moneda de curso legal, no es efectivo y no existe obligación, por parte de la población, para recibirlos como medio de pago, por lo que los riesgos inherentes al uso y comercialización de los mismos serán asumidos por los usuarios de dichos activos

So, basically Bolivia is now at the same level of most of the developed world in terms of Bitcoin. It is legal to transact with it, but it is not seen as a legal tender.

[Solosanz]

It took ten years for them to consider Bitcoin isn't scam or could harm them.

Honestly unbanning Bitcoin is already more than enough, it doesn't have to be accepted as a commodity or currency because it would make Bitcoin become more centralized since the government will regulate it.

It's only need a time to wait for other country to unban Bitcoin.

[tranthidung]

So, basically Bolivia is now at the same level of most of the developed world in terms of Bitcoin. It is legal to transact with it, but it is not seen as a legal tender.

You are free to transaction (move) your bitcoin through Bitcoin blockchain that is decentralized. If you care about privacy, use Bitcoin full node and Tor to broadcast your transactions.

What I care is "Does exchanging bitcoin (buy & sell) in Bolivia is legal?"
If it is, it is nearly the same in many countries globally, not only developed nations.

It took ten years for them to consider Bitcoin isn't scam or could harm them.

I think different. This policy change possibly was made because their government thinks it can benefit them from political to economic and social aspects. That nation went through a coup d'état weeks ago.

[iBaba]

It took ten years for them to consider Bitcoin isn't scam or could harm them.

Honestly unbanning Bitcoin is already more than enough, it doesn't have to be accepted as a commodity or currency because it would make Bitcoin become more centralized since the government will regulate it.

It's only need a time to wait for other country to unban Bitcoin.

Exactly. I don't see the initial rush-into-banning approach that a lot of these governments do to bitcoin technology. Many of the governments around the world only banned bitcoin out of sentiments or better still out of fear of transparency since they first got the idea of the decentralized technology as a platform where transactions are open for everyone to see while others out of total ignorance and resistance to new or emerging technologies. What have happened as a result is, they have watched more closely and interesting to see the benefits of Bitcoin and are now removing the bans against them.

[Btcdeybodi]

We are yet to see more countries unban Bitcoin in their country and they will do so till Bitcoin becomes adopted globally

It took ten years for them to consider Bitcoin isn't scam or could harm them.

I think different. This policy change possibly was made because their government thinks it can benefit them from political to economic and social aspects. That nation went through a coup d'état weeks ago.

I believe what you said here and am also beginning to feel that most of the countries that are unbanning Bitcoin in their country are doing so based on what they want to achieve, political, and socio-economic recognition just like you have stated and after unbanning Bitcoin they often want to regulate it's operation. However, even if they unban Bitcoin as regards to what they stand to gain but it's a welcome development that countries are now understanding that Bitcoin is not a scam project and it's the way forward.

[criptoevangelista]

Maybe they realized that it is impossible to stop bitcoin, or they are planning to launch ETFs for the Bolivian people... this all also surprises me, as the Bolivian government has always been radical left, that is, friends of dictators and of people of the lowest quality like Luis Inacio Lula da Silva, president of Brazil.

[Psalms23]

I think Bolivia lifting its 10-year ban on Bitcoin is pretty significant. The Central Bank of Bolivia decided to reverse the ban, allowing Bitcoin and other cryptocurrencies to be used legally in the country​ (Crypto Briefing)​​ (Coinspeaker)​. This move could open up new opportunities for financial inclusion and innovation within Bolivia. Plus, it reflects a broader trend of countries becoming more open to digital currencies as they gain global traction.

[348Judah]

Bolivia, a country in South America, used to be extremely against Bitcoin. Since 2014 they have had regulations against its use, with further updates on that in 2020.

But now it has all changed, and the Central Bank of Bolivia has recently removed all bans on Bitcoin transactions. Here's the X post from them:

https://x.com/BancoCentralBO/status/1805997364362318143


PDF link here: https://www.bcb.gob.bo/webdocs/files_noticias/CP_35%20NormativaActivosVirtuales4.pdf

Very slow and steady we are getting there, the way many people have been addressing bitcoin is now changing from their initial mentality for being a scam or fraudulent scheme as they had thought, we are hoping to see more adoption for bitcoin as a legal tender since many countries have been accepting it as a legal and digital currency for exchange of goods and services, bitcoin is going henceforth bigger and broader for all those who adopt it because they are going to discover all they want from it.

[Ojima-ojo]

This is a good move at least, because the citizens of that country have been deprived of the chance to develop and grow in the path of Bitcoin, ten years ban and coming to lift the ban at this point, but I know there will definitely be some citizens of Bolivia that will hold Bitcoin privately all this while since Bitcoin is a decentralized asset with high privacy.


Most of the country that have bad approach towards towards Bitcoin did so because of they lack of understanding of the basic concept in Bitcoin and what it stand to gain if fully adopted.

[d5000]

What I care is "Does exchanging bitcoin (buy & sell) in Bolivia is legal?"

While it was not illegal to use Bitcoin or exchange it privately (e.g. via P2P) in Bolivia, Bolivian companies weren't allowed to offer financial services for cryptocurrencies, so there were no "legal" exchanges in the country. This will change now, if I interpret the communication correctly the "unban" is the previous step for a permissive regulation of crypto services.

The map on Bitcoin legality in Latin America is now getting greener slowly. The only two countries where still relatively harsh regulations are in place are Ecuador, where hodling is permitted but payment not, and Venezuela, where mining is banned. The restriction for banks and fintechs in Argentina has probably also been lifted, at least there are now fintechs offering cryptos and Paypal-style wallets.

By the way, the supposed ban in Dominican Republic which can be seen in the Wikipedia article about Bitcoin legality is very likely not true. According to a recent Cointelegraph article there is even a "progressive" political attitude with respect to Bitcoin and crypto.

[bbc.reporter]

It took ten years for them to consider Bitcoin isn't scam or could harm them.

Honestly unbanning Bitcoin is already more than enough, it doesn't have to be accepted as a commodity or currency because it would make Bitcoin become more centralized since the government will regulate it.

It's only need a time to wait for other country to unban Bitcoin.

I reckon that it took Nayib Bukele and El Salvador to adopt bitcoin is a legal tender for Bolivia to start considering that bitcoin is not a scam. They have witnessed the reaction of the IMF and the World Bank after El Salvador's adoption of bitcoin as a legal tender and what advantages it might have brought them on the negotiation table. Every country on South America should start adopting it is legal tender and become a united continent under bitcoin adoption. This would be very headshaking for the IMF and the World Bank heheheheheheheee.

[ThemePen]

Bolivia decision to allow Bitcoin after 10-year ban is big step forward. It shows  country is open to new ideas in finance and technology. By making Bitcoin and other digital currencies legal Bolivia can benefit from new financial opportunities include more people in financial system and attract investments. Many countries are now recognizing value of digital currencies especially Bitcoin and Bolivia move follows this trend. This change can boost Bolivia economy and inspire other countries to do same.

[Maus0728]

Another win for bitcoin I guess because given that this will definitely make international news and it will definitely resound with other Latin American countries, and I think that with this news of unbanning bitcoin hopefully a lot of countries would try their best to do what Bolivia just did or even do better because there's no way that this won't have any big impact in the bitcoin ecosystem, another country permitting accessibility of bitcoin to their populace is a good thing since that creates a demand.

[Fiatless]

I reckon that it took Nayib Bukele and El Salvador to adopt bitcoin is a legal tender for Bolivia to start considering that bitcoin is not a scam. They have witnessed the reaction of the IMF and the World Bank after El Salvador's adoption of bitcoin as a legal tender and what advantages it might have brought them on the negotiation table. Every country on South America should start adopting it is legal tender and become a united continent under bitcoin adoption. This would be very headshaking for the IMF and the World Bank heheheheheheheee.

The Bolivian Central Bank stated clearly that the lifting of the ban does not make Bitcoin a legal tender. Individuals or companies are not mandated by the law to accept Bitcoin as a legal tender but banks can carry out Bitcoin transactions through approved electronic channels. El Salvador remains the only country that has legalized Bitcoin as a legal tender.

Bolivia decision to allow Bitcoin after 10-year ban is big step forward. It shows  country is open to new ideas in finance and technology. By making Bitcoin and other digital currencies legal Bolivia can benefit from new financial opportunities include more people in financial system and attract investments. Many countries are now recognizing value of digital currencies especially Bitcoin and Bolivia move follows this trend. This change can boost Bolivia economy and inspire other countries to do same.

It is not too late to correct a mistake, I commend the Bolivian government for taking this bold step. Some Latin Nations have been facing some economic problems which include the high cost of goods caused by inflation. So it is common for them to seek means of fighting these economic issues and it seems friendly policies on Bitcoin are yielding some positive results. These nations need to attract investments and also reduce the influence of intermediaries in international payment systems and promoting Bitcoin seems to be a good option.

[OcTradism]

The map on Bitcoin legality in Latin America is now getting greener slowly. The only two countries where still relatively harsh regulations are in place are Ecuador, where hodling is permitted but payment not, and Venezuela, where mining is banned. The restriction for banks and fintechs in Argentina has probably also been lifted, at least there are now fintechs offering cryptos and Paypal-style wallets.

There are very little countries on global map of Bitcoin legality with not Green color for Legal status.

https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality
https://www.atlanticcouncil.org/programs/geoeconomics-center/cryptoregulationtracker/

Latin American countries are hub of cryptocurrency adoption because with corruptions of governments, collapse of fiat currencies and bank systems, locals have to look for alternatives to use in their lives and financial activities.

[yhiaali3]

I don't know why it took them so long to realize that Bitcoin is not a fraudulent currency and that it is very popular in all countries of the world. In any case, it is better late than never.

They may now realize that their neighbors El Salvador are far ahead of them in the field of cryptocurrencies and the significant economic benefit that can come through investment in this industry, taxes and more.

Although they did not recognize Bitcoin as a legal currency, this is positive news since the ban has been lifted and later regulatory laws will be put in place and citizens can now work with Bitcoin without legal problems.

[kryptqnick]

Perhaps Bolivia wants a financial boost and thus wants to see if lifting the ban will encourage investments. It could also be, as Cointelegraph says, about modernizing the country's payment system. Not being legal tender is fine, as the op is correct that this is the case in most countries around the world. It's a big step after a 10-year-old ban, and I hope the population will be vigilant if scammers use this lift as an opportunity. I can see that Bolivia's Central Bank is also thinking about it, as they want to create an educational program on managing crypto-related risks.

[mindrust]

That’s cool. They probably noticed there isn’t anything to worry about. Bitcoin won’t replace central banks or any major reserve currency. They must have seen it. That also means Bitcoin isn’t good enough to compete against the central banks. Maybe bitcoin was never about replacing the central banks in the first place.

Either way, bitcoin has one less enemy today and that will affect the bitcoin prices in a good way.

The world has been adopting bitcoin. The governments are also embracing it. That means bitcoin isn’t the enemy.

[avikz]

Great News! This is the kind of news we all would like to see on a daily basis. This is exciting and encouraging at the same time! It's far better that hearing about a new ETF being launched.

It's great the BCB has realized the fact, that they can't control it no matter how much they want to regulate it. So instead of fighting with it, it's better for the economy to accept it as a part.

Not being a legal tender is fine as long as the citizens are able to use it without any blockage. Bitcoin will find its way into the local market eventually.