Bolivia could reevaluate its ban on Bitcoin and cryptocurrencies

Bolivia could reevaluate its ban on Bitcoin and cryptocurrencies

An initiative promoted by Congresswoman Mariela Baldivieso could lift Bolivia's ban on the trade and use of Bitcoin and other cryptocurrencies. 

The Central Bank of Bolivia banned the use and trade of cryptocurrencies three years ago, in 2020, pointing out the risks that these digital assets pose for users. 

However, a recent initiative promoted by the deputy Mariela Baldivieso seeks that the country's legislators reevaluate the prohibition that weighs on crypto assets, in order to create a more favorable regulatory environment that allows for innovation. 

According to Deputy Baldivieso, legislators have the duty to Lead Bolivia “towards a more inclusive technological and digital era”. Therefore, their proposal seeks to lift the current ban on Bitcoin and cryptocurrencies, in order to establish new regulations that allow the crypto market to be monitored and regulated in an appropriate and coherent manner.

Specifically, the deputy has said that she is working on creating a bill that will allow Bolivia to lift its national offensive against cryptocurrencies, to soften its stance on this new class of assets and make room for development and financial and technological innovation. 

The initiative has the support of several local organizations related to the crypto world, such as the Bitcoin Community of Bolivia, the Ethereum Community of Bolivia, the Blockchain Association of Bolivia, the Fintech Chamber of Bolivia and several startups in the country, according to reported the digital medium Erbol. 

Bitcoin and cryptocurrencies will improve Bolivia's financial system

Although cryptocurrencies offer many advantages, Congresswoman Baldivieso commented on the country's need to optimize its financial system. 

Through cryptocurrencies, Bolivia could overcome the obstacles associated with the current banking system to offer citizens faster, more accessible and safer transactions. These advantages could speed up investment and boost the economyhe said. 

Bolivia could reevaluate its ban on Bitcoin and cryptocurrencies
Source: X – @baldmariela

Cryptocurrencies and the use of solutions based on these digital assets could also help Bolivia channel economic flow, to help the country generate wealth, in a context of dollar shortage. 

In Latin America, other countries such as Colombia, Ecuador, Paraguay and Peru are seeing new opportunities in the cryptocurrency industry to accelerate the recovery and growth of their economies, to boost technological innovation and to generate improvements in the social sphere. 

According to a study conducted by Ripple last year, more than 70% of Latin Americans prefer cryptocurrencies to make payments and to keep their savings, so these digital assets have become an irreversible trend in the region. 

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