Bolivia is one of the countries that has stopped its discussion on Bitcoin and Blockchain Technology, but they can’t avoid its use. Before the ban by the authorities, the illegal business emerges out within the realm of crypto currencies. It has been confirmed after Bolivia police arrested the 60 peoples for the cryptocurrency crimes. Lenny Valdivia, the director of ASFI (Financial System Supervision Authority), declared that the 60 people had been arrested as a reminder for the others to understand the illegality of Bitcoin or the use of cryptocurrency. From 2014, the virtual currencies have not been adequately regulated by the Governmental or financial entity.
According to the statements of Valdivia, the 60 peoples were arrested at late night by the Special force against Felony. The director of the monetary authority also stated that they would be working with the police to prevent the proliferation of cryptocurrency crimes. Virtual currency or Bitcoin is prohibited to use and circulate. It is very crucial to urge the peoples to report these issues in which people intend to take advantage of one’s savings.
There were two situations when the Central Bank of Bolivia issued warnings against these problems in the country. Nevertheless, the studies confirm a favourite of the wisdom of what is forbidden to the users. It is also examined by the Bolivian media, which manifested the develop of a community which dedicates to raise awareness about the use of crypto currencies in spite of censorship.
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The radicalization of the value of cryptocurrencies as a source of fraud to date has counterproductive impacts since despite having features which facilitate crime, an inevitability without strict regulatory rules is an undisputed tool of financial inclusion to anyone and it continues to rise slowly.