Bolivia lifts 10-year old ban on Bitcoin

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Quote from: Mr. Magkaisa on July 11, 2024, 04:28:45 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, 06:29:04 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, 08:43:05 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, 11:04:35 AM

~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.

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Quote from: Z-tight on July 09, 2024, 08:43:05 AM

Quote from: Lucius on July 09, 2024, 04:17:14 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, 06:52:35 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.

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Quote from: Lucius on July 09, 2024, 04:17:14 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.

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Quote from: Solosanz on July 01, 2024, 06:29:04 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, 04:21:15 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.

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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, 06:29:04 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.

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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.

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Quote from: m2017 on July 04, 2024, 08:06:23 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.

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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, 09:39:26 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, 10:01:34 PM

Quote from: bbc.reporter on July 01, 2024, 08:51:17 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.

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Quote from: nullama on July 01, 2024, 05:55:27 AM

But now it has all changed, and the Central Bank of Bolivia has recently removed all bans on Bitcoin transactions. Here's the X post from them:

How interesting is it that such a ban technically looks like? About the same as threatening a child with a finger for wrong actions.

Funny, and that's all. Almost as much as if they were trying to ban the wind or the sun. How can the government ban something it has nothing to do with (lack of leverage).

Quote from: nullama on July 01, 2024, 05:55:27 AM

So, basically Bolivia is now at the same level of most of the developed world in terms of Bitcoin. It is legal to transact with it, but it is not seen as a legal tender.

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

Legal tender can only be the local national currency of the country. Of course, bitcoin can't be accepted in this capacity.

This means that Bolivia finally gave up after senseless and futile attempts to ban bitcoin.

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It took them really a lot of years to understand that Bitcoin is not a problem. Bitcoin is an opportunity and they take it wrongly as a threat. They may not feel the effects directly but Bolivia missed lots of opportunities and lots of fortune by banning Bitcoin and I can prove that with an example of my country. My country took Bitcoin as an opportunity and also decided to implement blockchain technologies in the land title registry. We were among one of the top mining countries in the world too. It brought lots of money, lots of investment and lots of opportunities in our country. It's very sad that Bolivia did the exact opposite and missed such an opportunity.

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Quote from: nullama on July 01, 2024, 05:55:27 AM

They also clearly stated that this doesn't mean that Bitcoin is legal tender:

So, basically Bolivia is now at the same level of most of the developed world in terms of Bitcoin. It is legal to transact with it, but it is not seen as a legal tender.

Whether it is made a legal tender or not, the fact that the restrictions on people transacting freely with Bitcoin have been lifted is the greatest of all. It has given a hint that Bitcoin is really kicking harder and soaring high, and by virtue of its growth, Bitcoin will definitely get approved in any other country it is banned in. Earlier, someone asked what Bitcoin would become in the future, but it's good news that the ban on Bitcoin has been lifted in Bolivia after 10 years of ban. Despite that, it is not going to be made a legal tender, but there will be some Bitcoin lovers who will definitely accept it as a means of payment in their businesses.

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Quote from: tranthidung on July 01, 2024, 06:36:12 AM

What I care is "Does exchanging bitcoin (buy & sell) in Bolivia is legal?"
If it is, it is nearly the same in many countries globally, not only developed nations.

I suppose exchanging Bitcoin comes along with the lifting of the ban. OP's attachments and quotations are all in Spanish. If we translate them into English, it says:

Quote from: https://www.bcb.gob.bo/?q=content/el-bcb-en-coordinaci%C3%B3n-con-asfi-y-uif-actualiza-normativa-en-torno-los-activos-virtuales

El The Central Bank of Bolivia (BCB) informs the public that through Board Resolution No. 082/2024, of June 25, 2024, it annulled Board Resolution No. 144/2020, of December 15, 2020. , thus enabling the use of channels and Electronic Payment Instruments (IEP) for purchase and sale operations of Virtual Assets.

The central bank, however, emphasized that Bitcoin is not a legal tender. As such, companies and the population in general don't have the obligation to accept Bitcoin as a means of payment. But the green light is there for anybody who wishes to transact using Bitcoin for as long as they use registered platforms.

I'm looking forward to crypto exchanges and other custodial services applying for license to operate in Bolivia.

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Quote from: avikz on July 02, 2024, 12:30:00 AM

It's great the BCB has realized the fact, that they can't control it no matter how much they want to regulate it. So instead of fighting with it, it's better for the economy to accept it as a part.

Governments can make new acts, laws and regulations to govern it and tax their citizens. They can do governance and tax to get income for their governmental budget, keep it running. I agree with you that governments need to know that they can not stop an era technological evolution and they can not tear all human rights apart, destroy it just to prohibit Bitcoin.

If they do it, sooner or later they will lose their governance to citizens because massive disappointment and angry will occur in their countries.

Quote

Not being a legal tender is fine as long as the citizens are able to use it without any blockage. Bitcoin will find its way into the local market eventually.

Being allowed to do transactions, exchanges legally is enough because no risk to go into jails with Bitcoin practice. Legal tender is an absolute legal status for Bitcoin but I don't actually need it to use Bitcoin blockchain. Even no legal tender, the adoption is good enough.

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Quote from: kryptqnick on July 01, 2024, 11:48:52 PM

Perhaps Bolivia wants a financial boost and thus wants to see if lifting the ban will encourage investments. It could also be, as Cointelegraph says, about modernizing the country's payment system. Not being legal tender is fine, as the op is correct that this is the case in most countries around the world. It's a big step after a 10-year-old ban, and I hope the population will be vigilant if scammers use this lift as an opportunity. I can see that Bolivia's Central Bank is also thinking about it, as they want to create an educational program on managing crypto-related risks.

I would think this is the main motivation behind this move, politicians despite their claims care nothing about any ideology, what they care about is to increase their power, and right now the economy of Bolivia is not on the best shape and more investment is needed.

So it is likely that politicians see this as an easy move to make to try to encourage new businesses to set shop on their country, will it work? I am not sure but it is a move that benefits bitcoin, as one less country that bans it cannot be anything else than a good news.

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Great News! This is the kind of news we all would like to see on a daily basis. This is exciting and encouraging at the same time! It's far better that hearing about a new ETF being launched.

It's great the BCB has realized the fact, that they can't control it no matter how much they want to regulate it. So instead of fighting with it, it's better for the economy to accept it as a part.

Not being a legal tender is fine as long as the citizens are able to use it without any blockage. Bitcoin will find its way into the local market eventually.

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That’s cool. They probably noticed there isn’t anything to worry about. Bitcoin won’t replace central banks or any major reserve currency. They must have seen it. That also means Bitcoin isn’t good enough to compete against the central banks. Maybe bitcoin was never about replacing the central banks in the first place.

Either way, bitcoin has one less enemy today and that will affect the bitcoin prices in a good way.

The world has been adopting bitcoin. The governments are also embracing it. That means bitcoin isn’t the enemy.

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Perhaps Bolivia wants a financial boost and thus wants to see if lifting the ban will encourage investments. It could also be, as Cointelegraph says, about modernizing the country's payment system. Not being legal tender is fine, as the op is correct that this is the case in most countries around the world. It's a big step after a 10-year-old ban, and I hope the population will be vigilant if scammers use this lift as an opportunity. I can see that Bolivia's Central Bank is also thinking about it, as they want to create an educational program on managing crypto-related risks.

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I don't know why it took them so long to realize that Bitcoin is not a fraudulent currency and that it is very popular in all countries of the world. In any case, it is better late than never.

They may now realize that their neighbors El Salvador are far ahead of them in the field of cryptocurrencies and the significant economic benefit that can come through investment in this industry, taxes and more.

Although they did not recognize Bitcoin as a legal currency, this is positive news since the ban has been lifted and later regulatory laws will be put in place and citizens can now work with Bitcoin without legal problems.

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Quote from: d5000 on July 01, 2024, 08:39:16 PM

The map on Bitcoin legality in Latin America is now getting greener slowly. The only two countries where still relatively harsh regulations are in place are Ecuador, where hodling is permitted but payment not, and Venezuela, where mining is banned. The restriction for banks and fintechs in Argentina has probably also been lifted, at least there are now fintechs offering cryptos and Paypal-style wallets.

There are very little countries on global map of Bitcoin legality with not Green color for Legal status.

https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality
https://www.atlanticcouncil.org/programs/geoeconomics-center/cryptoregulationtracker/

Latin American countries are hub of cryptocurrency adoption because with corruptions of governments, collapse of fiat currencies and bank systems, locals have to look for alternatives to use in their lives and financial activities.

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Quote from: bbc.reporter on July 01, 2024, 08:51:17 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.

Quote from: ThemePen on July 01, 2024, 08:51:53 PM

Bolivia decision to allow Bitcoin after 10-year ban is big step forward. It shows country is open to new ideas in finance and technology. By making Bitcoin and other digital currencies legal Bolivia can benefit from new financial opportunities include more people in financial system and attract investments. Many countries are now recognizing value of digital currencies especially Bitcoin and Bolivia move follows this trend. This change can boost Bolivia economy and inspire other countries to do same.

It is not too late to correct a mistake, I commend the Bolivian government for taking this bold step. Some Latin Nations have been facing some economic problems which include the high cost of goods caused by inflation. So it is common for them to seek means of fighting these economic issues and it seems friendly policies on Bitcoin are yielding some positive results. These nations need to attract investments and also reduce the influence of intermediaries in international payment systems and promoting Bitcoin seems to be a good option.

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Another win for bitcoin I guess because given that this will definitely make international news and it will definitely resound with other Latin American countries, and I think that with this news of unbanning bitcoin hopefully a lot of countries would try their best to do what Bolivia just did or even do better because there's no way that this won't have any big impact in the bitcoin ecosystem, another country permitting accessibility of bitcoin to their populace is a good thing since that creates a demand.

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Bolivia decision to allow Bitcoin after 10-year ban is big step forward. It shows country is open to new ideas in finance and technology. By making Bitcoin and other digital currencies legal Bolivia can benefit from new financial opportunities include more people in financial system and attract investments. Many countries are now recognizing value of digital currencies especially Bitcoin and Bolivia move follows this trend. This change can boost Bolivia economy and inspire other countries to do same.

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Quote from: Solosanz on July 01, 2024, 06:29:04 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.

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.

d5000

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Quote from: tranthidung on July 01, 2024, 06:36:12 AM

What I care is "Does exchanging bitcoin (buy & sell) in Bolivia is legal?"

While it was not illegal to use Bitcoin or exchange it privately (e.g. via P2P) in Bolivia, Bolivian companies weren't allowed to offer financial services for cryptocurrencies, so there were no "legal" exchanges in the country. This will change now, if I interpret the communication correctly the "unban" is the previous step for a permissive regulation of crypto services.

The map on Bitcoin legality in Latin America is now getting greener slowly. The only two countries where still relatively harsh regulations are in place are Ecuador, where hodling is permitted but payment not, and Venezuela, where mining is banned. The restriction for banks and fintechs in Argentina has probably also been lifted, at least there are now fintechs offering cryptos and Paypal-style wallets.

By the way, the supposed ban in Dominican Republic which can be seen in the Wikipedia article about Bitcoin legality is very likely not true. According to a recent Cointelegraph article there is even a "progressive" political attitude with respect to Bitcoin and crypto.

Ojima-ojo

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This is a good move at least, because the citizens of that country have been deprived of the chance to develop and grow in the path of Bitcoin, ten years ban and coming to lift the ban at this point, but I know there will definitely be some citizens of Bolivia that will hold Bitcoin privately all this while since Bitcoin is a decentralized asset with high privacy.

Most of the country that have bad approach towards towards Bitcoin did so because of they lack of understanding of the basic concept in Bitcoin and what it stand to gain if fully adopted.

348Judah

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Quote from: nullama on July 01, 2024, 05:55:27 AM

Bolivia, a country in South America, used to be extremely against Bitcoin. Since 2014 they have had regulations against its use, with further updates on that in 2020.

But now it has all changed, and the Central Bank of Bolivia has recently removed all bans on Bitcoin transactions. Here's the X post from them:

https://x.com/BancoCentralBO/status/1805997364362318143

PDF link here: https://www.bcb.gob.bo/webdocs/files_noticias/CP_35%20NormativaActivosVirtuales4.pdf

Very slow and steady we are getting there, the way many people have been addressing bitcoin is now changing from their initial mentality for being a scam or fraudulent scheme as they had thought, we are hoping to see more adoption for bitcoin as a legal tender since many countries have been accepting it as a legal and digital currency for exchange of goods and services, bitcoin is going henceforth bigger and broader for all those who adopt it because they are going to discover all they want from it.

Psalms23

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I think Bolivia lifting its 10-year ban on Bitcoin is pretty significant. The Central Bank of Bolivia decided to reverse the ban, allowing Bitcoin and other cryptocurrencies to be used legally in the country (Crypto Briefing) (Coinspeaker). This move could open up new opportunities for financial inclusion and innovation within Bolivia. Plus, it reflects a broader trend of countries becoming more open to digital currencies as they gain global traction.

criptoevangelista

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Maybe they realized that it is impossible to stop bitcoin, or they are planning to launch ETFs for the Bolivian people... this all also surprises me, as the Bolivian government has always been radical left, that is, friends of dictators and of people of the lowest quality like Luis Inacio Lula da Silva, president of Brazil.

Btcdeybodi

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We are yet to see more countries unban Bitcoin in their country and they will do so till Bitcoin becomes adopted globally

Quote from: tranthidung on July 01, 2024, 06:36:12 AM

Quote from: Solosanz on July 01, 2024, 06:29:04 AM

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

I think different. This policy change possibly was made because their government thinks it can benefit them from political to economic and social aspects. That nation went through a coup d'état weeks ago.

I believe what you said here and am also beginning to feel that most of the countries that are unbanning Bitcoin in their country are doing so based on what they want to achieve, political, and socio-economic recognition just like you have stated and after unbanning Bitcoin they often want to regulate it's operation. However, even if they unban Bitcoin as regards to what they stand to gain but it's a welcome development that countries are now understanding that Bitcoin is not a scam project and it's the way forward.

iBaba

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Quote from: Solosanz on July 01, 2024, 06:29:04 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.

Exactly. I don't see the initial rush-into-banning approach that a lot of these governments do to bitcoin technology. Many of the governments around the world only banned bitcoin out of sentiments or better still out of fear of transparency since they first got the idea of the decentralized technology as a platform where transactions are open for everyone to see while others out of total ignorance and resistance to new or emerging technologies. What have happened as a result is, they have watched more closely and interesting to see the benefits of Bitcoin and are now removing the bans against them.

tranthidung

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Quote from: nullama on July 01, 2024, 05:55:27 AM

So, basically Bolivia is now at the same level of most of the developed world in terms of Bitcoin. It is legal to transact with it, but it is not seen as a legal tender.

You are free to transaction (move) your bitcoin through Bitcoin blockchain that is decentralized. If you care about privacy, use Bitcoin full node and Tor to broadcast your transactions.

What I care is "Does exchanging bitcoin (buy & sell) in Bolivia is legal?"
If it is, it is nearly the same in many countries globally, not only developed nations.

Quote from: Solosanz on July 01, 2024, 06:29:04 AM

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

I think different. This policy change possibly was made because their government thinks it can benefit them from political to economic and social aspects. That nation went through a coup d'état weeks ago.

Solosanz

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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.

nullama

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Bolivia, a country in South America, used to be extremely against Bitcoin. Since 2014 they have had regulations against its use, with further updates on that in 2020.

But now it has all changed, and the Central Bank of Bolivia has recently removed all bans on Bitcoin transactions. Here's the X post from them:

https://x.com/BancoCentralBO/status/1805997364362318143

PDF link here: https://www.bcb.gob.bo/webdocs/files_noticias/CP_35%20NormativaActivosVirtuales4.pdf

This is the official statement from the central bank (in Spanish):

Quote from: https://www.bcb.gob.bo/?q=content/el-bcb-en-coordinaci%C3%B3n-con-asfi-y-uif-actualiza-normativa-en-torno-los-activos-virtuales

El Banco Central de Bolivia (BCB), comunica a la opinión pública que mediante Resolución de Directorio N°082/2024, de 25 de junio de 2024 dejó sin efecto la Resolución de Directorio N°144/2020, de 15 de diciembre de 2020, habilitando, de esta manera, el uso de canales e Instrumentos Electrónicos de Pago (IEP) para operaciones de compra y venta de Activos Virtuales.

They also clearly stated that this doesn't mean that Bitcoin is legal tender:

Quote from: https://www.bcb.gob.bo/webdocs/files_noticias/CP_35%20NormativaActivosVirtuales4.pdf

El BCB enfatizó que la única moneda de curso legal en el país es el Boliviano conforme a la Ley N°901 de 28 de noviembre de 1986. En este sentido, un activo virtual no es una moneda de curso legal, no es efectivo y no existe obligación, por parte de la población, para recibirlos como medio de pago, por lo que los riesgos inherentes al uso y comercialización de los mismos serán asumidos por los usuarios de dichos activos

So, basically Bolivia is now at the same level of most of the developed world in terms of Bitcoin. It is legal to transact with it, but it is not seen as a legal tender.

Topic: Bolivia lifts 10-year old ban on Bitcoin (Read 447 times)