Bolivia Bans Bitcoins!

[Aricoin_Mike]

I will also ban bitcoin does that mean something?

[Bit_Happy]

I will also ban bitcoin does that mean something?

Your DOGE will be happy. 
Other than that, you might not have much of an impact.
The BTC adventure continues...

[Aricoin_Mike]

I will also ban bitcoin does that mean something?

Your DOGE will be happy. 
Other than that, you might not have much of an impact.
The BTC adventure continues...

Hehe, I think that with Bolivia is "almoast" the same.

[rext]

I will also ban bitcoin does that mean something?

lollll

[Elwar]

<"Bolivia Bans Bitcoins!">
@OP are you going to change the title to be more accurate?

If it was unambiguously wrong I'd do so. However:

1. The notion that Bolivia did so is clearly expressed in the Coindesk article.
2. It's unclear what relationship the Central Bank of Bolivia has with the government - as others have noted, their pronouncements may extend no further than their own operations. Or they may be backed up by the full force of the civil government with all that implies. I just don't know either way at this point.

My reason for posting the OP was not to have people blindly swallow it (I wouldn't expect the crowd around here to do so anyways), but to chew it up, toss it around and gain a better collective understanding or at least clarify the uncertainties.

A partir de la fecha queda prohibido el uso de monedas no emitidas o reguladas por estados, paises o zonas economicas y de ordenes de pago electronicas en monedas y denominaciones monetarias no autorizadas por el BCB en el ambito del sistema de pagos nacional.

translation:
Starting date using coins not issued or regulated by states, countries or economic orders and electronic payment in coins and currency denominations not authorized by the BCB in the field of national payment system areas is prohibited.

Bolivia Central Bank bans bitcoins on their payment system ie. No sending bitcoins from bank to bank, over wire transfers, etc.

[Elwar]

Full text:
RESOLUCION DE DIRECTORIO N 044/2014
ASUNTO: GERENCIA DE ENTIDADES FINANCIERAS — PROHIBICION DEL
USO DE MONEDAS Y DENOMINACIONES MONETARIAS NO
REGULADAS EN EL AMBITO DEL SISTEMA DE PAGOS
NACIONAL.VISTOS:
La Constitucion Politica del Estado.La Ley N° 1670 de 31 de octubre de 1995 del Banco Central de Bolivia BCB).La Ley N° 393 de 21 de agosto de 2013, de Servicios Financieros.
El Estatuto del BCB aprobado mediante Resolucion de Directorio N° 128/2005 de 21 de
octubre de 2005 y posteriores modificaciones.
El Reglamento del Sistema de Pagos de Alto Valor, aprobado mediante Resolucion de
Directorio N° 131/2009 de 27 de octubre de 2009.
El Reglamento de Servicios de Pago aprobado mediante ResoluciOn de Directorio N°
121/2011 de 27 de septiembre de 2011 modificado mediante Resoluciones de Directorio
N° 59/2012 de 22 de mayo de 2012 y N° 100/2013 de 30 de julio de 2013.
El Reglamento de Instrumentos Electronicos de Pago aprobado mediante Resolucion de
Directorio N° 126/2011 de 4 de octubre de 2011 y modificado mediante Resoluciones de
Directorio N° 25/2012, 60/2012 y 22/2013 de 23 de febrero de 2012, 22 de mayo de 2012 y5 de marzo de 2013, respectivamente.
El Reglamento para la Transferencia de Remesas Internacionales aprobado medianteResolucion de Directorio N° 071/2012 de 19 de junio de 2012 y modificado mediante
Resolucion de Directorio N°154/2012 de 28 de agosto de 2012.
El Informe de la Gerencia de Entidades Financieras BCB-GEF-SSPSF-DVSP-INF-2014-
35 de 30 de abril de 2014.
El Informe de la Gerencia de Asuntos Legales BCB-GAL-SANO-INF-2014-149 de 6 de
mayo de 2014.
CONSIDERANDO:
Que la Constitucion Politica del Estado establece en su Articulo 328 que es atribuciOn del
BCB, en coordinaciOn con la politica economica determinada por el Organo Ejecutivo, ademasde las serialadas por Ley, regular el sistema de pagos.

Que conforme al Articulo 331 de la Constitucion Politica del Estado, las actividades de
intermediacion financiera, la prestacion de servicios financieros y cualquier otra actividadrelacionada con el manejo, aprovechamiento e inversion del ahorro, son de interes public° y
solo pueden ser ejercidas previa autorizacion del Estado, conforme con la Ley.
Que la Ley N° 1670 dispone en sus Articulos 2, 3 y 30 que el BCB tiene por objeto procurar la
estabilidad del poder adquisitivo interno de la moneda nacional, para cuyo cumplimientoformula las politicas de aplicaciOn general en materia monetaria y del sistema de pagos,
estando sometidas a su competencia normativa, todas las entidades de intermediacion
financiera y servicios financieros autorizadas por la Superintendencia de Bancos y Entidades
Financieras, actualmente Autoridad de Supervision del Sistema Financiero ASFI).Que la Ley N° 393
en
su Articulo 124, establece que las operaciones efectuadas en el marco de
los servicios que prestan las entidades financieras, podran realizarse a traves de medios
electronicos, los que necesariamente deben cumplir las medidas de seguridad que garanticen la
integridad, confidencialidad, autentificacion y no repudio. Asimismo en numeral IV de este
articulo seriala que la Autoridad de Supervision del Sistema Financiero y el BCB de acuerdo a
sus competencias, emitiran regulacion que establezca el procedimiento y normativa deseguridad para las operaciones, asi como los requisitos minimos que deben cumplir las
entidades para realizar actividades de banca electronica, banca por telefono y mediante
dispositivos mOviles.
Que el Reglamento del Sistema de Pagos de Alto Valor define en su Articulo 32 que las
ordenes de pago seran registradas en las siguientes denominaciones monetarias: a) Moneda
nacional (MN), b) Moneda extranjera (ME) sOlo Mares de los Estados Unidos de
Norteamerica, c) Moneda nacional con mantenimiento de valor con relacion a la Unidad de
Fomento de Vivienda (MNUFV), y d) Moneda nacional con mantenimiento de valor con
relacion al Mar de los Estados Unidos de Norteamerica MVDOL).
Que el Reglamento de Instrumentos Electronicos de Pago seliala en su Articulo 5, inciso a) que
los fondos constituidos en las cuentas que sustenta los pagos con billetera movil (cuentas de
pago) estaran denominadas exclusivamente en moneda nacional.Que se ha detectado en algunos paises el uso de monedas virtuales como el Bitcoin, Namecoin,
Tonal Bitcoin, IxCoin, Devcoin, Freicoin, 10coin, Liquidcoin, Peercoin, Quark, Primecoin,
Feathercoin y otras que no pertenecen a ningian estado, pals o zona economica, en
consecuencia su uso y emision no esta regulado, pudiendo ocasionar perdidas a sus tenedores.
Que la Gerencia de Entidades Financieras mediante Informe BCB-GEF-SSPSF-DVSP-INF-2014-35 evalua la normativa vigente que regula el sistema de pagos nacional y el uso de otrasmonedas o denominaciones monetarias no autorizadas por el BCB, y recomienda prohibir el
uso de monedas no emitidas o reguladas por estados, paises o zonas economicas, y denominaciones monetarias no autorizadas por el BCB en el amito del sistema de pagos nacional

Que la Gerencia de Asuntos Legales mediante Informe BCB-GAL-SANO-INF-2014-149 manifiesta que es pertinente que el BCB, en su calidad de unica autoridad monetaria y cambiaria del pais, con facultades suficientes para emitir normativas especializadas de aplicacion general, prohiba el uso de monedas y denominaciones monetarias gue no se encuentren reguladas en el ambito del sistema de pagos nacional concluyendo que la prohibicion es legalmente procedente, siendo competencia del Directorio del BCB considerar su aprobacion.

Que, el Directorio del BCB en su calidad de maxima autoridad de la institucion es responsable de definir politicas, normativas especializadas de aplicacion general y normas internas, estando facultado para dictar las normas y adoptar las decisiones generales que fueran necesarias para el cumplimiento de las funciones, competencias y facultades asignadas por Ley al Ente Emisor.

Articulo 1. A partir de la fecha queda prohibido el uso de monedas no emitidas o reguladas por estados, paises o zonas economicas y de ordenes de pago electronicas en monedas y denominaciones monetarias no autorizadas por el BCB en el ambito del sistema de pagos nacional.

Articulo 2. La presidencia y la Gerencia General, quedan encargadas de la ejecucion y cumplimiento do la presente Resolucion.

[Elwar]

translation:
BOARD RESOLUTION No. 044/2014
SUBJECT: MANAGEMENT FINANCIAL INSTITUTIONS - BAN
USE OF COINS AND CURRENCY NO NAMES
REGULATED IN THE FIELD OF PAYMENT SYSTEM
NACIONAL.VISTOS:
The Political Constitution of Estado.La Law No. 1670 of October 1995, the Central Bank of Bolivia BCB 31.) Law No. 393 of August 21, 2013, Financial Services.
The Statute of BCB approved by Resolution of Board No. 128/2005 of 21
October 2005 and subsequent amendments.
The Payment System Regulation High Value, approved by Resolution of
Directory N ° 131/2009 of 27 October 2009.
The Payment Services Regulations approved by Board Resolution No.
121/2011 of 27 September 2011 as amended by Resolution of Directors
N ° 59/2012 of 22 May 2012 and No. 100/2013 of 30 July 2013.
Regulation of Electronic Payment Instruments approved by Resolution of
Directory N ° 126/2011 of 4 October 2011 and amended by Resolutions
Directory N ° 25/2012, 60/2012 and 22/2013 of 23 February 2012, May 22, 2012 y5 March 2013, respectively.
Regulation for International Remittance Transfer approved medianteResolucion Directory N ° 071/2012 of 19 June 2012 and amended by
Directory Resolution N ° 154/2012 of 28 August 2012.
The Report of the Management of Financial Institutions-GEF-BCB-DVSP SSPSF-INF-2014-
35 of April 30, 2014.
The report of the Legal Affairs Management BCB-GAL-HEALTHY-INF-2014-149 of 6
May 2014.
WHEREAS:
That the State Constitution provides in Article 328 that is vested with the
BCB, in coordination with economic policy determined by the Executive, the serialadas ademásde by law, regulate the payments system.

That pursuant to Article 331 of the Political Constitution of the State, the activities of
financial intermediation, the provision of financial services and any other actividadrelacionada with the management, use of savings and investment are of public interest °
can only be exercised prior authorization of the State in accordance with the law
The Law No. 1670 provides in Articles 2, 3 and 30 BCB aims to ensure the
stability of the domestic purchasing power of the national currency, for which cumplimientoformula policies generally applicable monetary and payments system,
to be subject to its regulatory jurisdiction, all entities of intermediation
financial and financial services authorized by the Superintendency of Banks and
Financial currently Authority Financial System Supervision ASFI.) That the Act No. 393
in
its Article 124, provides that transactions under
the services provided by financial institutions can be made through media
electronics, which must necessarily enforce security measures to ensure the
integrity, confidentiality, authentication and non-repudiation. Also in section IV of this
seriala article the Supervision Authority and the Financial System according to BCB
its powers, ISSUED regulation establishing the procedure and rules deseguridad for operations, as well as the minimum requirements for the
entities to engage in electronic banking, phone banking and through
mobile devices.
Regulation System of Large Value Payment defined in its Article 32 that
payment orders will be recorded in the following currency denominations: a) Currency
national (MN), b) Foreign Currency (ME) only Mares of the United States of
North America, c) Domestic currency with value maintenance in relation to the Unit
Housing Development (MNUFV), and d) national currency with value maintenance
relationship to the Sea of ​​the United States of North America MVDOL).
Regulation of Electronic Instruments seliala Payment in Article 5, paragraph a)
funds established in the accounts based mobile wallet payments (accounts
payment) will be called only nacional.Que currency has been detected in some countries the use of virtual currencies like Bitcoin, Namecoin,
Tonal Bitcoin, IxCoin, Devcoin, Freicoin, 10coin, Liquidcoin, Peercoin, Quark, Primecoin,
Feathercoin and others that do not belong to ningian state, country or economic area,
emission and therefore use is not regulated and may cause a loss to their holders.
The Management of Financial Institutions by BCB-GEF-SSPSF-DVSP-INF-2014-35 Report evaluates the current regulations governing the national payment system and the use of monetary denominations otrasmonedas or not authorized by the BCB, and recommends ban
use coins not issued or regulated by states, countries or economic areas and monetary denominations not authorized by the BCB in the amice the national payment system

That the Legal Department by BCB-GAL-HEALTHY-INF-2014-149 states that relevant BCB Report, in its capacity as monetary and exchange only authority in the country, with enough power to issue general regulations specialized application, prohibit the use of coins and currency denominations gue are not found in the field of regulated national payment system concluding that the ban is legally applicable, remain the responsibility of the Board of BCB consider approval.

That the Board of BCB in his capacity as the highest authority of the institution is responsible for defining policies, specialized regulations and internal rules generally applicable, being empowered to promulgate rules and adopt the broad decisions that were necessary to fulfill the functions , powers and responsibilities assigned by law to the Issuing Entity.

Article 1. Starting date using coins not issued or regulated by states, countries or economic orders and electronic payment in coins and currency denominations not authorized by the BCB in the field of national payment system areas is prohibited.


Article 2. The President and the General Manager, are responsible for the execution and enforcement do this Resolution.

[chaosPT]

So after china banning so many times Bolivia started to continue to the train of rumors?

[tidda]

Not because they think it will facilitate otherwise illicit activity. Not because they think it poses a security risk, or puts citizens' own finances at risk. Their openly stated justification for banning bitcoin is "if we don't ban it, people will use it instead of our money."
Or, in other words, "we can't compete."

I get excited seeing these central bankers squirm

[Elwar]

Bolivia has only banned using bitcoins on its banks national payment system.

Like Visa banning using bitcoins over its credit card network or banks banning the use of bitcoins for wire transfers.

Essentially.

Bolivia has not banned bitcoins!

[stompix]

So after china banning so many times Bolivia started to continue to the train of rumors?

Fortunately nobody uses bitcoins in Bolivia and there was no gold rush for bitcoins either.
No exchanges with fake volumes so this new wave of FUD won't affect anything.

[chaosPT]

Or may be you can use other coin like Dogecoin and litecoin still even they ban bitcoin

[stompix]

Or may be you can use other coin like Dogecoin and litecoin still even they ban bitcoin

They "banned" because they haven't actually BANNED cryptocoins not specifically bitcoin.
So it doesn't matter you would be using litecoin or dogecoin.

[NewLiberty]

Bolivia has only banned using bitcoins on its banks national payment system.

Like Visa banning using bitcoins over its credit card network or banks banning the use of bitcoins for wire transfers.

Essentially.

Bolivia has not banned bitcoins!

Would it make the news if the Sahara Desert bans snow?
Its not like the central banking network ever had any bitcoin on it, or ever would.

We are getting to the point where:

Too big to fail
becomes
To slow to matter.

[StatusSeeking]

oh shit they better ban WoW and Diablo gold

[Elwar]

oh shit they better ban WoW and Diablo gold

Bolivia did not ban WoW and Diablo gold.

However, the banks have said they will not use WoW and Diablo gold for their financial transactions.

And by saying "they will not use WoW and Diablo gold", they said they will only use government currencies in their bank transactions.

[logger]

That is like banning Email to protect the post office, how retarded they look.

[cccarnation]

That is like banning Email to protect the post office, how retarded they look.

and the irony of the situation is just imagine how many Bolivians are reading this article and saying, "what is bitcoin?"
Often times trying to ban something actually has the reverse effect.

[Elwar]

That is like banning Email to protect the post office, how retarded they look.

and the irony of the situation is just imagine how many Bolivians are reading this article and saying, "what is bitcoin?"
Often times trying to ban something actually has the reverse effect.

Except Bolivia didn't ban Bitcoin.

OP is trolling.

[coinits]

From the same Bolivian legislators who have also wisely made it illegal to have sex with a woman and her daughter at the same time.

Ah, Bolivia, the home of the llama, the dumbest of all pack animals. The country still hoping to build a tunnel to the Pacific Ocean. The country where driving a car is tantamount to suicide. Unfortunately, that has not resulted in the extermination of the Bolivians, because there are very few (functional) cars there, the reason being that whenever a car has a mechanical problem it becomes permanently inoperable due to the absence of anyone intelligent enough to be able to fix a car.

To their credit, they were eventually able to kill Butch Cassidy and the Sundance Kid, although it did take over 1,000 of them to do it.

Ah, Bolivia, the only country in which McDonalds is unable to operate, because the concept of a restaurant is too complex for their bird-like brains. Where airplanes are illegal, because, you know, it's impossible to fly. That's logical right: it's impossible to fly therefore airplanes should be illegal. Very logical. Based on that logical insight they were invited to submit a team to the world math olympiad, but that proved impossible because they were unable to find any Bolivians who knew what math was. So, instead they had a tortilla eating olympiad in La Paz.

La Paz, interestingly enough has a few buildings which are over 1 story in height, presumably built by foreigners. The Bolivian architects specialize in constructing soccer fields, because nothing is more important than soccer, and they are safe. Safe in the sense that noone has been killed by a collapsing soccer field, the soccer fields, being, well, flat. Some goalies have been injured, however, by falling goal crossbars, so that is their current focus: improving crossbar joining technology to avoid goalie head injuries. This is very important because the soccer field is the most important part of every Bolivian city. It's the law there must at least one soccer field every 5 blocks.

The Bolivians like soccer because it is simple to understand: kick ball. At one point some Americans tried to teach them baseball, but that didn't work, since it involves using the hands and legs at the same time and other complexities like requiring the use of tools. The Americans tried tying a glove on a llama to demonstrate that animals, and by extension people, could indeed use tools, but the indios remained convinced tool use in sports was impossible so they made baseball and any other sport utilizing tools illegal, because they are impossible.

Bolivia used to be a much larger country. In fact, at one time all almost all of South America was "Bolivia", but the Bolivians kept starting wars and losing them. Every time they lost, they would lose more territory. Other times they just gave away territory. For example, around 1900 it was discovered that a Bolivian region called Acre had a lot of rubber trees in it, so Brazil told the president of Bolivia, who, like all Bolivians was an idiot, that they would like to buy Acre. The president said, "How much?" The Brazilians knowing how stupid the Bolivians are, said, "How about 1 horse?" The Bolivian president said, "Hah, what do you think I am? An idiot? I have lots of horses." Then the Brazilians said, "O, but this horse is perfectly white." The Bolivian president not having any white horses readily agreed to that deal.

Here's another story about the same guy, Presidente Mariano Melgarejo. Melgarejo means "stupid" in Indian language. In 1870, Germany invaded France. Melgarejo was infuriated because he had heard how beautiful and elegant Paris was. So, he ordered his top general to send the army to France and defend Paris. The general complained that the army would have to swim across the Atlantic Ocean. Melgarejo angrily replied "Don't be stupid! We will go around the ocean and take a short cut through the brush!"

Anyway, its a good thing they have banned bitcoins because you know crypto currency is impossible. It involves math.

+1 for the lulz