Bolivia lifts 10-year old ban on Bitcoin

ultrloa

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Quote from: Mr. Magkaisa on July 11, 2024, 05:28:45 AM

- 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.

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Quote from: Solosanz on July 01, 2024, 07:29:04 AM

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.

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Quote from: Z-tight on July 09, 2024, 09:43:05 AM

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.

Quote from: https://en.wikipedia.org/wiki/Economy_of_Bolivia

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...

Mr. Magkaisa

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- 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.

nullama

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Quote from: jaberwock on July 10, 2024, 12:04:35 PM

~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.

jaberwock

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Quote from: Z-tight on July 09, 2024, 09:43:05 AM

Quote from: Lucius on July 09, 2024, 05:17:14 AM

so that some people who traded or promoted cryptocurrencies were arrested. It took a long time for things to change, but Bolivians are finally free to come out of the shadows. When I just think about what basic human rights some people have been waiting for for decades, then sometimes I think that I live in paradise.

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.

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.

nullama

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Quote from: Reatim on July 09, 2024, 07:52:35 AM

~snip~
Perhaps they realized bitcoin’s potential.

It is becoming more and more common now and more countries are adopting bitcoin so they must have felt they were being left behind lol

This shall be considered as baby steps and hopefully only the first of many. Soon after unbanning bitcoin should be support for it but, we’ll take what we can and be happy for bitcoin enthusiasts who live in Bolivia.

Yeah, I think so.

Maybe they first weren't very aware of what it was and what were the consequences, but after a decade they could see that there was no negative of allowing normal transactions.

Good for them for realizing that and acting upon that information.

Z-tight

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Quote from: Lucius on July 09, 2024, 05:17:14 AM

so that some people who traded or promoted cryptocurrencies were arrested. It took a long time for things to change, but Bolivians are finally free to come out of the shadows. When I just think about what basic human rights some people have been waiting for for decades, then sometimes I think that I live in paradise.

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.

Reatim

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Quote from: Solosanz on July 01, 2024, 07:29:04 AM

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

Perhaps they realized bitcoin’s potential.

It is becoming more and more common now and more countries are adopting bitcoin so they must have felt they were being left behind lol

This shall be considered as baby steps and hopefully only the first of many. Soon after unbanning bitcoin should be support for it but, we’ll take what we can and be happy for bitcoin enthusiasts who live in Bolivia.

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That's a bold step by the Bolivian government, though it took them long to retrace their steps. Well, this must be a relief to the bitcoin enthusiasts in Bolivia who have been secretly trading Bitcoin with fear of being charged by the Bolivian authorities, now they can all carry out transactions and people would be able to include Bitcoin as a payment option for their various businesses, it's a good news for them and I think the next step to be carried out by their government concerning this issue, is to release those that were held by the authorities due to the previous ban. The Bolivian government have made one of the best decision and gradually, every other government that's placed a ban on Bitcoin would begin to notice it's benefits and retrace their steps like Bolivia has done.

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@Z-tight, I remembered an article about Bolivia from 2020 and managed to find it. According to what can be read in it, the authorities in that country were very strict in enforcing the law, so that some people who traded or promoted cryptocurrencies were arrested. It took a long time for things to change, but Bolivians are finally free to come out of the shadows. When I just think about what basic human rights some people have been waiting for for decades, then sometimes I think that I live in paradise.

Bolivia Essentially Banned Crypto but Blockchain Advocates Are Pushing Back

Z-tight

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Quote from: Lucius on July 08, 2024, 05:21:15 AM

What Bolivia has done does not mean anything special, because in a few years the government can change and return everything to the old way - that's how they do it in that part of the world.

It is nothing special for the BTC network in general and also in the grand scheme of things, but i believe it is special for bitcoiners living in Bolivia, now they can overtly use and spend BTC, i know before they could do it p2p, but now it is legal for financial institutions in Bolivia to be involved in crypto tx's and it must feel good for them. You are right that they could ban it again, but until then.

Emmanuelex

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That's good news. But I hope it wouldn't be like other countries that would lift it, and only to ban it again, as we have seen with some countries like Nigeria that lifted the ban on Bitcoin, only to ban it again. I hope Bolivia instead would continue to see the good in Bitcoin and fully accept it from now on. Good luck to them.

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About time they did. Been a whole while since the country ever felt the fresh air of having cryptocurrencies around and this will certainly help boost crypto’s fame upwards, hoping this wouldn’t be another El Salvador though, cause what happened with that country is just a massive shame. From a country who loves bitcoin turned to a whole nation that despises it due to poor management. Although they didn’t specify that they’d boost and use bitcoin’s popularity or some shit, so I guess we’re clear on that one.

There seems to be a trend amongst countries and cities trying to integrate bitcoin and crypto in the economy only to end up making things worse for everyone cause now everyone in that place hates bitcoin and crypto, poor management and lack of foresight being one of the biggest culprits if I do say so myself.

In that regard, here’s to me hoping that this isn’t enough for people to start buying in to crypto. Don’t get me wrong. It’s cool, but of course it’s way better if we get a stronger narrative yeah?

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Quote from: Solosanz on July 01, 2024, 07:29:04 AM

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.

That’s true mate. Even if bitcoin is not seen as a legal tender, I think that’s still a big advantage for the citizens to access freely on bitcoin as their sole investment, without getting restricted by the government. Eventually, when other developed countries have started to accept bitcoin as a payment method, surely the Bolivia government will soon to follow, otherwise they will be left behind from other countries. But still, having bitcoin as an accepted asset is already good enough, people will now have chances to trade it freely.

Lucius

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Why are people so obsessed with making Bitcoin legal tender when it in itself has no positive effect at all? The example of El Salvador has shown that it is completely counterproductive to force people to use BTC and that Bitcoin as a currency works far better where it is available as an alternative.

Except for a few countries in the world where Bitcoin is prohibited by law, in most countries there are no legal obstacles for anyone to enable payment with BTC for their goods or services, and even where it is prohibited, people still have the opportunity to make BTC transactions with each other without that they have to fear that their government will know about it.

What Bolivia has done does not mean anything special, because in a few years the government can change and return everything to the old way - that's how they do it in that part of the world.

nullama

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Quote from: m2017 on July 04, 2024, 09:06:23 AM

~snip~
Sounds like some kind of rubbish. So bitcoin is half legal?

Basically this means that Bitcoin in Bolivia is now seen as how it is seen in, say, the US, or Australia, or most of the developed world.

Being legal tender means that you have to accept it for payment of debts.

Right now you don't have to accept Bitcoin if you have a debt, but for example in El Salvador where it is legal tender, you can pay any debts with Bitcoin, and it is legally enforceable.

bbc.reporter

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@SquirrelJulietGarden. The IMF and the World Bank grant loans to country's governments and very much similar to corporations with their own interests, the World Bank and the IMF also have their own interests and agendas on a country they grant loans to. This is usually to the disadvantage of the borrower because they are forced to compromise to the demands of the World Bank and the IMF. The demand is usually more control over a country's currency and it is very clear that the borrower is always the loser in this setting.

However, how does a country get some negotiating power on their side of the negotiating table? I reckon this is to allow a currency that the World Bank and the IMF can never control. This is bitcoin.

I also never argued that making bitcoin legal tender will cause an economy of a country to improve. I said it might be good for the government on the negotiating table against the IMF and World Bank.

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Quote from: bbc.reporter on July 04, 2024, 10:39:26 PM

I did not mention anything that would cause everyone to imply that Bolivia's lifting on the ban on bitcoin would make it legal tender within their jurisdiction. What I said was the lifting of the ban might have been caused by El Salvador's support and probitcoin policies. Acceptance and the encouragement to use bitcoin will certainly help on the negotiation table against the IMF and the World Bank.

Also on Bolivia and bitcoin as legal tender, this might only be the beginning. They might pass a bill declaring bitcoin as legal tender, I predict within 3 years.

I don't think the lifting ban on Bitcoin in Bolivia is to get better negotiation with IMF and World Bank. Accept Bitcoin or not, they won't be able to get better negotiation with IMF or World Bank if their national bank and economy are not improved and better in assessments of IMF and World Bank.

El Salvador had to spend their national budget to invest in Bitcoin since 2021 but El Salvador made it legal tender in their nation years ago too. Will Bolivia wantto do the same like El Salvador, legal tender approval for Bitcoin by their national law and want to achieve improvement like El Salvador. In fact I believe that changes in El Salvador come from more efforts of their government to improve their society, economy, not only legal tender for Bitcoin and national investment for Bitcoin.

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Quote from: Fiatless on July 01, 2024, 11:01:34 PM

Quote from: bbc.reporter on July 01, 2024, 09:51:17 PM

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.

I did not mention anything that would cause everyone to imply that Bolivia's lifting on the ban on bitcoin would make it legal tender within their jurisdiction. What I said was the lifting of the ban might have been caused by El Salvador's support and probitcoin policies. Acceptance and the encouragement to use bitcoin will certainly help on the negotiation table against the IMF and the World Bank.

Also on Bolivia and bitcoin as legal tender, this might only be the beginning. They might pass a bill declaring bitcoin as legal tender, I predict within 3 years.

Topic: Bolivia lifts 10-year old ban on Bitcoin (Read 431 times)