THELOGICALINDIAN - The Bolivian government afresh arrested 60 bodies over a pyramid arrangement that claims to advance in bitcoin However the focus was on the arrangement and not on bitcoin itself alike admitting the government banned the agenda bill aback in 2025
Also read: Use of Bitcoin in Ecuador Continues to Grow Despite Government Ban
60 Arrested Relating to ‘Pay Diamond-Bitcoin’
Bolivia’s Autoridad de Supervisión del Sistema Financiero (ASFI) on May 19 announced that 60 bodies had been arrested for announcement “virtual bill investments”. The country’s federal banking, finance, and balance regulator states (loosely translated):
The government’s advertisement did not specify whether these activities were accompanying to bitcoin. However, El Deber reported that they were accompanying to a accepted pyramid arrangement alleged “Pay Diamond-Bitcoin,” which the authorities accept kept an eye on for some time.
Pay Diamond-Bitcoin is agnate to a larger arrangement called Pay Diamond which is additionally actuality investigated by the Bolivian government. Pay Diamond, believed to accept swindled some 200,000 people, claims to buy, action and advertise chunk to the gemstone industry.
Arrests Focused on Pyramid Schemes
The arrests were fabricated by Bolivia’s Crime Fighting Special Forces (FELCC), and pamphlets acclimated in the training were confiscated. According to ASFI Executive General Directorate, Lenny Valdivia Bautista, the affair took abode at the Cine Center of Santa Cruz de la Sierra.
They were “carrying out training activities accompanying to the advance of money with characteristics of multilevel activities,” she detailed. “This blazon of action is accompanying to pyramid schemes” with the sole purpose of abduction money and the accumulation of the Bolivians, the advertisement warns. Valdivia additionally apprenticed Bolivians to assure their accumulation and their families’ abundance by advertisement these “unlawful activities” to ASFI or the FELCC.
The advertisement additionally reveals that:
Another Pyramid Scheme: ‘Bitcoin Cash’
Another contempo apprehension by the Bolivian government apropos a abstracted pyramid arrangement and betray alleged “Bitcoin Cash.” This scheme, alike in April, is agnate to Pay Diamond-Bitcoin.
The aggregation promised to accomplish investments in cryptocurrencies, mining abroad, and affairs and affairs bitcoins, La Razon Digital reported. However, already the scheme’s administrators got money from their victims, their website bootless and the aggregation no best responds to queries, one victim told the publication.
Last week, betray victims attractive for refunds of their investments from Bitcoin Cash attacked the company’s appointment in desperation, demography affairs into their own hands. The affronted mob reportedly access into the office, took out their furniture, and set it on fire.
Bitcoin’s Status in Bolivia
In June 2014, Bolivia’s axial coffer clearly banned the use of bitcoin and added cryptocurrencies in the country. The coffer states at the time that “It is actionable to use any affectionate of bill that is not issued or controlled by a government or an accustomed entity.” Public Resolution Number 044/2014, anachronous May 6, 2014, prohibits the use of any bill not issued or adapted in the country. Among them are “bitcoin, namecoin, tonal bitcoin, ixcoin, devcoin, freicoin, 10coin, liquidcoin, peercoin, quark, primecoin, feathercoin and others that do not accord to any country or bread-and-butter zone,” the adjustment states.
Valdivia common this cachet in the contempo announcement, abacus that “it is important to appetite the citizenry to accuse these cases in which bodies try to booty advantage of people’s accumulation and extenuative families.”
She adumbrated that ASFI, in allocation with “competent administrative authorities,” will accomplish the law on any businesses civic that use basic currencies or pyramid schemes.
Bolivia was not the alone country to ban bitcoin and added cryptocurrencies in 2014. Nearby Ecuador fabricated a agnate move. Bitcoin.com afresh reported on how the use of bitcoin continues to abound there admitting the ban.
What do you anticipate about Bolivia’s administration of bitcoin’s acknowledged status? Let us apperceive in the comments area below.
Images address of Shutterstock, eju.tv, allevents.in, Central Bank of Bolivia
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