Bolivia lifts 10-year old ban on Bitcoin

[nullama]

~snip~
Nah, not crazy because it is stated on their law that dealing with cryptos are not legal. Everyone must be restricted with it but even if not, banks are already allergically default to cryptos and there is no need for their governments to dictate them about it.

There are still plenty of third world countries who accept cryptos. They know that they will be needing it to help them excel in the competition. The battle for human rights are now long gone but there might still be some law which can somehow step in the humans rights. Well, we can't do much about it but obey it, or else we will be in trouble and we can only wish that the governments will change their minds someday.

The thing is that if Bitcoin gets to a point in which it is large enough, then most central banks will be very afraid of it.

They did a review of Bitcoin about a decade ago or so and they acknowledged the danger, officially, but mentioned that it is still very low in terms of the global economy.

Since then Bitcoin has kept growing, so I guess they are starting to be a bit more anxious in the central banks all around the world.

[Mr. Magkaisa]

          -   This is just proof that Bitcoin is not a scam, but scammers use it to scam. Then there is the Bolivian country that banned Bitcoin, which was eventually revoked. That's why it seems like it took a long time before they realized that they lifted the ban on Bitcoin.

But anyway, no matter how long it takes, a country that bans Bitcoin in the future will realize that what they did to ban it was wrong. This other country may be capable, but they will also give up in the end because they will be left behind for sure.

[Lucius]

I read the article, thank you for sharing it. It is crazy that they arrested 60 people because they were undergoing training on how to invest in crypto, meanwhile the country said they were only prohibiting banks from involving itself in cryptocurrency tx's. I believe this is how things happen in many third world countries, there is almost no respect for basic human rights, and it is hard to trust that the government won't ban crypto again, but Bolivians can enjoy the freedom they have now.

This only (unfortunately) speaks of the level of development they are actually at when it comes to human rights in that part of the world. I personally know such a system that is extremely repressive towards people because unfortunately I spent my childhood in one - and people ended up in prison or forced labor just for singing patriotic songs.

I didn't really study in detail how Bolivia is doing economically, but it is just one more in a series of Central and South American countries that sits on enormous wealth, and is still relatively poor. Maybe lifting the BTC ban means a new beginning for that country - and I hope so, because all these people deserve to finally start living better.

The economy of Bolivia is the 95th-largest in the world in nominal terms and the 87th-largest in purchasing power parity. Bolivia is classified by the World Bank to be a lower middle income country. With a Human Development Index of 0.703, it is ranked 114th (high human development). Driven largely by its natural resources, Bolivia has become a region leader in measures of economic growth, fiscal stability and foreign reserves, although it remains a historically poor country...

[naira]

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.

Bolivia realizes that what they decided in the past was the wrong decision, lifting the Bitcoin ban is a positive step even though it is a little late because Bolivia had to open the door when the Bitcoin price was high enough. With this decision, Bolivia must reorganize and try to catch up with other countries in order to be equal. This means that the regulations for building cooperation with centralized exchanges, at least establishing Bitcoin as an investment asset, are more than enough if they are not ready to fully legalize it as a legal tender.

[ultrloa]

          -   This is just proof that Bitcoin is not a scam, but scammers use it to scam. Then there is the Bolivian country that banned Bitcoin, which was eventually revoked. That's why it seems like it took a long time before they realized that they lifted the ban on Bitcoin.

But anyway, no matter how long it takes, a country that bans Bitcoin in the future will realize that what they did to ban it was wrong. This other country may be capable, but they will also give up in the end because they will be left behind for sure.

On some point yes maybe they realize that bitcoin is not really a scam but rather a currency and technology that good to adopt.

Maybe their government is way more behind with other countries who adopt bitcoin that's why at that point they decide to end up their 10 years old ban implemented to Bitcoin.

And now that they made that for sure those country ban bitcoin would start to think now that if its really worth it to have this restriction since for sure that once bitcoin industry will became more widely adopted those country who ban bitcoin will provably left behind for possible good developments that will happen in cryptocurrency industry.