Bolivia Eases Crypto Regulations Allowing Banks to Facilitate Digital Currency Payments

In recent developments, Bolivia, which has traditionally maintained strict regulations against cryptocurrencies, has made a significant policy shift. The country’s central bank, which had implemented a banking ban on digital currencies like Bitcoin in 2014 to protect financial stability, has now allowed banks to use approved electronic channels for crypto payments. This move is seen as a positive step towards crypto adoption and could increase remittances due to the instant and low-cost nature of cross-border transactions. Additionally, Bolivia is focusing on diversifying its financial system by reducing reliance on the US dollar and considering alternative currencies such as the Chinese yuan and Russian ruble.
In the cryptocurrency market, Bitcoin’s current trade price is $60,818, down 1.5% over the last 24 hours. Despite recent struggles, the US Bitcoin spot ETF market has seen consistent money inflows over the past three days, with notable transactions involving Grayscale, Bitwise, and Fidelity ETFs.