Bolivia is one of the countries that has closed its doors to the discussion on Bitcoin and Blockchain technology, although it still cannot avoid its use.
Before the prohibition by the authorities, illegal businesses rose out within the realm of cryptocurrencies. This has been confirmed after the report that 60 arrests of supposed promoters of fraudulent businesses with digital currencies in the city of Santa Cruz spread out locally.
The director of the Financial System Supervision Authority (ASFI), Lenny Valdivia, announced the arrests as a reminder for the public to understand the illegality of Bitcoin or any cryptocurrency use in Bolivia. Since 2014, such virtual currencies have not been regulated by any governmental or financial entity.
According to Valdivia’s statements, the arrest was executed late at night by the Special Force Against Felony (Felcc). The director of the financial authority also announced that she will be working together with the police unit to prevent the proliferation of fraudulent schemes.
In our country it is prohibited to use or circulate of any type of virtual currency, namely Bitcoin, or to receive any other denomination of the exchange. Based on this formal communication from the competent authority, it is important to urge the population to report these cases in which people intend to take advantage of people’s savings and savings.
Lenny Valdivia 
Director, Financial System Supervision Authority (ASFI)
Likewise, the authorities also announced having seized advertising of businesses with cryptocurrencies at the international level, warning the public not to engage in such business. “Do not participate in these closed groups through WhatsApp that the only thing they are doing is taking advantage of the population,” she warned referring to the pyramid scheme of Bitcoin Cash, discovered just a month ago.
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There are already two occasions when the Central Bank of Bolivia issued warnings against cryptocurrencies in the country, and every occurrence of fraudulent business, its response remains the prohibition of technology. Nonetheless, studies confirm a piece of popular wisdom: what is forbidden to the user attracts the user. This is also reassured by the Bolivian media, which demonstrated the growth of a community dedicated to raising awareness about the use of cryptocurrencies in spite of censorship.
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Meanwhile, the radicalization of the use of cryptocurrencies as a source of fraud to date has counterproductive effects, since despite having features that facilitate crime, an inevitability without strict regulatory measures, and is an undoubted tool of financial inclusion to anyone, and continues to rise.
Source : Local Media
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