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Bolivia: BCB bans the use of cryptoassets

Bolivia: BCB bans the use of cryptoassets

La Paz, May 18 (Prensa Latina) The Central Bank of Bolivia (BCB) banned the use of cryptoassets in the country, as a measure to avoid citizens and financial entities losing savings and other inconveniences.
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In statements to local media, BCB’s Economic Policy Advisor Sergio Cerezo pointed out that when making transactions with cryptocurrencies, people can be swindled and lose all their money, one of the main concerns of money savers.

Cerezo added that cryptoassets are digital currencies generated by private entities in an anonymous and decentralized way, so their use is not allowed in the country as a measure to protect the banking and financial system.

Consequently, BCB does not support this monetary modality or is approved by the Financial System Supervision Authority.

BCB´s decision, Cerezo said, is backed up by the powers bestowed by the Political Constitution of the State, which defines BCB as the only one authorized to establish the legal tender in Bolivia.

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