Crypto adoption in Latin America is growing as Bolivia lifts its 4-year cryptocurrency ban to modernise its payment system.

The Central Bank of Bolivia (BCB) announced the revocation of the 2020 resolution that prohibited crypto transactions, allowing financial entities to transact with crypto.

This move, made in collaboration with ASFI and UIF, aligns with recommendations from the Latin American Financial Action Task Force (GAFILAT).

The BCB emphasised the continued modernisation of Bolivia’s payment infrastructure and the promotion of financial inclusion.

While cryptocurrencies are now allowed, the Boliviano remains the only legal tender in the country.

The BCB will incorporate crypto education into its Economic and Financial Education Plan to help Bolivians make informed decisions about virtual assets.