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Bolivia and El Salvador: New Cryptocurrency Agreement

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by Giorgi Kostiuk

20 hours ago

Bolivia continues to evolve its cryptocurrency policies by signing an important agreement with El Salvador.

Development of Cryptocurrencies in Bolivia

Bolivia began to shift its perspective regarding cryptocurrencies with the lifting of the ban on Bitcoin (BTC) and other digital assets in June 2024. Following this, the central bank allowed financial institutions to conduct transactions with cryptocurrencies.

Agreement with El Salvador

The Central Bank of Bolivia signed an agreement with El Salvador aimed at promoting the use of cryptocurrencies and developing associated policies. The agreement takes effect immediately and will be in force indefinitely.

Future of Cryptocurrencies in the Region

In its official statement, the Central Bank of Bolivia characterized cryptocurrencies, such as Bitcoin (BTC), as a reliable alternative to fiat money. The partnership with El Salvador, which became the first country to recognize Bitcoin as legal tender, highlights the growing interest in cryptocurrencies in Latin America.

Thus, Bolivia is making strides towards integrating cryptocurrencies into its economy, emphasizing the importance and prospects of this sector in the future.

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