Report: Bolivia's central bank bans bitcoin

Home » Report: Bolivia's central bank bans bitcoin
https://www.flickr.com/photos/105644709@N08/

https://www.flickr.com/photos/105644709@N08/

In a move aimed at protecting its national currency, the boliviano, Bolivia’s central bank official prohibited the use of bitcoin and other cryptocurrencies today. Although the policy was created by El Banco Central de Bolivia back in early May, it has only recently become known to the general public following a story by Spanish-language news outlet PanAm Post. According to the central bank: “It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity.”

The ruling extends beyond bitcoin, which is rapidly gaining media attention in Latin America, and includes other digital currencies such as namecoin, peercoin and Quark. With companies like BitPagos seeking to expand into multiple Latin American markets, the Bolivian central bank’s move is the first clear indication that bitcoin is now on the radar of regional financial authorities.

Speaking with CoinDesk, Christian Nubis from Latin American exchange Bitex.la downplayed the Bolivian central bank’s ban, noting:

“Bolivia is not a leader in the region on matters of public policy.”

Bolivia has been following a program of aggressive industrialization over the past decade, allowing it to experience high levels of growth compared to neighboring countries. In 2013, Bolivia’s GDP saw 6.8 percent expansion, with tight currency controls at least partially responsible for that gain. Although there is little evidence that bitcoin would cause significant capital flight from the country, similar protections are already in place in countries like China, where bitcoin has been informally “banned” from the banking system for months.

New Casinos

Reel Fortune has the coolest free spin wheel I have ever seen. 

Get 180 free spins and up to 5 BTC in bonuses

CasinoMax: 325% match bonus up to $9750 + 25 bonus spins for 7 consecutive days

400% welcome bonus up to $8000. 40x wagering requirement is required prior to your first withdrawl

Great Welcome Slot Bonus!

Claim a HUGE 500% deposit bonus with no maximum with Crypto

© Copyright 2024 The Best Crypto and Bitcoin Casinos and Sports Betting Sites | Bitcoinx
Powered by WordPress | Mercury Theme