Bolivian Officials Detain Users Of Virtual Currency

The Bolivian Supervisory Authority of the Financial System (ASFI) is detaining users of cryptocurrencies. According to a statement published by the ASFI, 60 “cryptocurrency promoters” were arrested by the Special Force to Combat and Control Crime last week, which claims the detainees were “training” others in how to invest in virtual currencies.

In the statement, Lenny Valdivia Bautista, Executive Director General of ASFI, expressed that it is imperative to remember that the Central Bank of Bolivia (BCB) has forbidden the circulation and use of virtual currencies of any kind. He then went on to urge the Bolivian population not to participate in cryptocurrency trading within unapproved closed groups of WhatsApp due to the high likelihood of being scammed, and encouraged the population to look “after their savings and the economy of their families by denouncing these unlawful activities.”

As per Bautista:

“Yesterday, we seized brochures that have to do with business schemes relating to virtual currencies that would be operating abroad, and are advising the Bolivian population not be fooled with such schemes that only take advantage of the population by acquiring their money.”

This isn’t the first time Bolivian authorities have been unwelcoming to virtual currencies. On May 6, 2014, the BCB publicized regulations that prohibited the use and circulation of any type of currency that wasn’t issued by the central bank based on resolution No. 044/2014.

ETHNews will continue to provide coverage on this story as it further develops.