Scan to Download Gate App
qrCode
More Download Options
Don't remind me again today

Bolivia reverses 10-year ban: banks can now operate with Bitcoin

robot
Abstract generation in progress

Bolivia has just made a 180-degree turn. The Central Bank has lifted the ban on cryptocurrencies that had been in place since 2014, allowing banks to handle transactions with Bitcoin and other digital assets starting June 26. Sounds good, but there’s an important catch.

What changes (and what DOESN’T)

Financial institutions can now facilitate buying and selling crypto through authorized electronic channels. So far, so good. But pay attention: Bolivia does not recognize Bitcoin as legal tender, only as an asset that can be traded. The boliviano (BOB) remains the only official currency. This means businesses are not required to accept crypto as payment, although technically they can.

In other words, Bolivia is opening the door, but carefully. The Central Bank will also launch a financial education plan so people understand the risks before getting into crypto.

The crypto wave in Latin America

Bolivia joins a broader regional trend:

  • El Salvador: Total pioneer. Bitcoin has been legal tender since 2021, alongside the dollar. They’ve already accumulated thousands of BTC
  • Argentina: Elected a pro-Bitcoin president to fight brutal inflation
  • Mexico: Allows crypto for payments and transfers, with taxes on gains
  • Brazil: Accepts crypto operations, but with a 15% tax on profits

Why now

Latin America is under economic pressure (chronic inflation, instability). Cryptocurrencies are seen as a way out. Bolivia is aligning with recommendations from the Latin American Financial Action Task Force and coordinating with local regulatory bodies.

The reality: it’s a strategic move to modernize the financial system and, at the same time, give people tools to protect themselves from the devaluation of the boliviano. The risk remains high for users, but at least now it’s legal.

BTC1.91%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)