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Bolivian Authorities stand firm against Cryptocurrency Promotors

Bolivian Authorities stand firm against Cryptocurrency Promotors

At least 60 cryptocurrency promoters were reportedly arrested last week by The Bolivian Financial System Supervision Authority (ASFI). According to ASFI, the arrestees were carrying out training activities relating to investments that have a characteristic of a multilevel scheme.

Bolivia considers Bitcoin and Altcoins to be pyramid schemes and is the first country to completely ban the use of “any kind of currency that is not issued and controlled by a government or an authorised entity.” This ban was the reason for the arrest as the arrestees were distributing brochures promoting bitcoin, and possibly selling Bitcoin online.

The ASFI has warned that it will continue to arrest and track down the offenders that involve in promotion or selling of cryptocurrency on any media.

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