The change in regulatory stance marks the end of a ban on crypto use in the country that began in 2014.
The Central Bank of Bolivia (BCB) has lifted its ban on Bitcoin and crypto payments, allowing financial entities to conduct transactions with digital assets in a bid to modernize its payment system.
The central bank said the move was made to help Bolivia elevate its struggling economy and align it with Latin American crypto regulations.
The change in regulatory stance marks the end of a ban on crypto use in the country that began in 2014, while the government prohibited banking entities from interacting with cryptocurrencies in December 2020 under Board Resolution N°144/2020.