The Central Bank of Bolivia (BCB) has lifted the ban on financial transactions with bitcoins and other cryptocurrencies. The bank’s decision states that citizens of the country will be able to transfer virtual assets through authorized payment systems.

Representatives of the Central Bank of Bolivia said that the new rules for regulating virtual assets were the result of joint work by the agency with the Authority for the Supervision of the Financial System (ASFI) and the Financial Investigations Unit (UIF). The rule update is in line with the recommendations of the Financial Action Task Force on Money Laundering in Latin America (GAFILAT).

Earlier, GAFILAT called on Bolivia to adapt to new trends in the global financial and digital economy. At the same time, BCB once again reminded that virtual assets are not yet legal tender in the country.

Earlier, the head of the Vanuatu Financial Services Commission (VFSC) Branan Karae said that the country’s authorities are going to pass a law on digital asset and service providers in the near future.