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A Landmark Shift for Bitcoin: Official Announcement of Revoking the Ban by This Nation
A Landmark Shift for Bitcoin: Official Announcement of Revoking the Ban by This Nation
In a significant move, the Central Bank of Bolivia has declared the lifting of the ban on Bitcoin and various other cryptocurrencies.
By Elif Azra Güven
Date: 28.06.2024 – Time: 17:06
Last Updated: 10 hours ago
0
The Central Bank of Bolivia has officially revoked the ban on Bitcoin and other cryptocurrencies according to their recent statement.
This decisive action by the Central Bank of Bolivia, which has lifted the prohibition on BTC, permits financial institutions to engage in cryptocurrency transactions.
Through an official statement, the Central Bank of Bolivia emphasized that this decision was made to revitalize the struggling Bolivian economy and align it with the cryptocurrency regulations prevailing in Latin America.
Despite the ban being lifted, the Central Bank of Bolivia cautioned its citizens that Bitcoin and cryptocurrencies do not hold the status of “legal tender” and reiterated that the only recognized currency in Bolivia remains the “Bolivian Boliviano.”
Hence, while the Bolivian government permits the buying and selling of cryptocurrencies through banks, it does not acknowledge them as legal tender, urging investors to prudently manage their crypto investments.
With numerous Latin American countries grappling with economic challenges and escalating inflation in recent times, El Salvador stands out as the sole nation in Latin America and globally to embrace Bitcoin as legal tender.
Following the lead of El Salvador, Argentina, another prominent Latin American country, is now treading a similar path.
*This content does not constitute financial advice.
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