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Learning & News => News related to Crypto => Topic started by: sirty143 on July 05, 2024, 06:34:41 AM

Title: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: sirty143 on July 05, 2024, 06:34:41 AM
Central Bank of Bolivia States Crypto Might Be Beneficial, Remarks Stablecoins Utility as Dollar Proxy

Edwin Rojas Ulo, President of the Central Bank of Bolivia, referred to the recent change in stance that the institution had on crypto and stablecoins. According to reports, Rojas Ulo stated that he believes adding crypto to the national financial system might be beneficial... See more for yourself here (https://news.bitcoin.com/central-bank-of-bolivia-states-crypto-might-be-beneficial-remarks-stablecoins-utility-as-dollar-proxy/).

Your opinion is greatly appreciated.
Title: Re: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: TomPluz on July 05, 2024, 07:30:45 AM
This can be a bit surprising turnaround for Central Bank of Bolivia especially that it implemented a blanket ban on cryptocurrency for some time now. Let's hope that there can be concrete results in the coming years for the cryptocurrency industry in the country. Bolivia can then start with recognizing Bitcoin and USDT as legal assets that its citizens can acquire and use though they are not considered as legal tender unlike in El Salvador. Considered as the poorest country in Latin America, I am happy that there is a big possibility for it to allow cryptocurrency to flourish in the country's financial system though we should take this news with some grain of salt. No matter what, there seems to be a wave in many Latin American countries right now to change their views on cryptocurrency business and am sure there can be other countries to also follow the trend.
Title: Re: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: Charles-Tim on July 05, 2024, 01:26:42 PM
Quote from: sirty143 on July 05, 2024, 06:34:41 AM
According to reports, Rojas Ulo stated that he believes adding crypto to the national financial system might be beneficial.
If the cryptocurrencies he is referring to is bitcoin, yes that is right. Adding it to nation financial system will be beneficial. But bitcoin is still more like a speculative asset. The government need to make analyses and buy at lower price if possible there are need to buy.

Quote from: TomPluz on July 05, 2024, 07:30:45 AM

This can be a bit surprising turnaround for Central Bank of Bolivia especially that it got a blanket ban on cryptocurrency for some time now.
It is not a surprise for me. Those countries that ban crypto will later know that cryptocurrencies like bitcoin are assets as the world crypto adoption increase more and more.
Title: Re: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: yhiaali3 on July 06, 2024, 12:47:45 PM
Quote from: sirty143 on July 05, 2024, 06:34:41 AM
Central Bank of Bolivia States Crypto Might Be Beneficial, Remarks Stablecoins Utility as Dollar Proxy
Yes, it is true that for countries friendly to the United States, there will be no problem using Stablecoins as a proxy for the dollar. As for countries that want to evade the American embargo, Stablecoins especially USDT, will be worse than the dollar option.

In any case, it is good that the Bolivian government’s view towards Bitcoin and cryptocurrencies has changed. I do not know if it was influenced by its neighbor El Salvador, but it is certain that El Salvador’s experience can encourage many South American countries, especially the poor ones, to move towards cryptocurrencies.
Title: Re: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: snowpega on July 06, 2024, 04:49:11 PM
Quote from: Charles-Tim on July 05, 2024, 01:26:42 PM
If the cryptocurrencies he is referring to is bitcoin, yes that is right. Adding it to nation financial system will be beneficial. But bitcoin is still more like a speculative asset. The government need to make analyses and buy at lower price if possible there are need to buy.

Indeed this the fact that if the government or any bank of this country is going to hold or buy Bitcoin they should have some good analysts who can help them to monitor the market situation from time to time and who also help them to point out good buying and selling time. Well, buddy in the case of El Salvador, I was reading a news a time ago where the president announced that the government will keep buying Bitcoin until it is out of range of the Buying price.

Well, The times are changing for the crypto space very fast and many started to like it as if we looks at the American President Trump who also started to support Bitcoin and he has also started a Bitcoin Donation campaign for election and the elections will start in September I guess, so if he will be elected we may see a more good time in crypto space but in my point of view all depends on him how he will behave with it so the result after if he gets elected come into view accordingly. For the current time, he is just taking advantage of the crypto lover and knows the potential of them. I wish everything after the election goes smoothly.
Title: Re: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: Gurujebs on July 06, 2024, 04:56:26 PM
Quote from: sirty143 on July 05, 2024, 06:34:41 AM
Central Bank of Bolivia States Crypto Might Be Beneficial, Remarks Stablecoins Utility as Dollar Proxy

Edwin Rojas Ulo, President of the Central Bank of Bolivia, referred to the recent change in stance that the institution had on crypto and stablecoins. According to reports, Rojas Ulo stated that he believes adding crypto to the national financial system might be beneficial... See more for yourself here (https://news.bitcoin.com/central-bank-of-bolivia-states-crypto-might-be-beneficial-remarks-stablecoins-utility-as-dollar-proxy/).

Your opinion is greatly appreciated.

I hardly believe all this sweet talk of traditional financial leaders, anytime you see them says things like this, just know that there is something in for them because central bank and crypto doesn't have good relationships and I'm not sure if that will happen soon. This could just be an eye service of the central bank president to make people show their crypto but if they are honest about this, then we are going to see a change in history of traditional banks.

If Bolivia do this and it becomes successfully launch, other people would like to follow but I just think that too much centralization of crypto is going to be higher and more anti money laundering policy will be roll out, they will drag crypto to their policies of traditional banking system.
Title: Re: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: Z-tight on July 06, 2024, 05:26:43 PM
Bolivia have lifted their ban on BTC and crypto, the coutry had rejected BTC and crypto for a very long time now, but all of that is over, and citizens of Bolivia can now use BTC and other cryptocurrencies, and that's why their central bank put out this statement.

It is a good decision from Bolivia, i guess they have come to the realization that banning BTC does not do them any good, so better to accept it.
Title: Re: Central Bank of Bolivia States Crypto Might Be Beneficial
Post by: Baofeng on July 12, 2024, 09:44:07 AM
Oh well, it's just about time that they have lifted the ban on crypto, because when some of your neigbouring countries are accepting it, then something might be wrong with you. So it's very welcoming news and for sure crypto enthusiast from Bolivia is very happy to hear this news as well.

Because we already know that sooner or later, crypto will be a thing in the future. Or it's really better to be stay abreast with it instead of going on the opposite side that might hurt the government of Bolivia in the long run.