Bolivian Authorities Arrest 60 ‘Cryptocurrency Promoters’

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The Bolivian Financial System Supervision Authority (ASFI) arrested 60 “cryptocurrency promoters” last week. According to a statement published by the ASFI, in which it refers to bitcoin and several altcoins, the arrestees were carrying out “training activities” relating to  investments that have “characteristics of multilevel schemes.” The agency also indicated it will track down Bolivians promoting Bitcoin online.

“The only thing these people are doing is taking advantage of the population and deceiving the people to appropriate their money,” ASFI director Lenny Valdivia Bautista said in the statement.

Since 2014, the Latin American country and its central bank consider bitcoin as well as all altcoins to be pyramid schemes. As such, it was the first country in the world that completely prohibited use of “any kind of currency that is not issued and controlled by a government or an authorized entity.”

This ban forms the basis for this week’s arrests. While there are currently few specifics available, news reports suggest the Bolivians were distributing brochures promoting bitcoin, and possibly selling bitcoin online. 

“We have confiscated brochures relating to business schemes that go around giving trainings and making business plans in relation to virtual currencies that are operating abroad,” Valdivia Bautista stated.

Read more ... source: Bitcoin Magazine

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