Bolivia vs Colombia
Crypto regulation comparison
Bolivia
Colombia
Legal
Legal
Bolivia reversed its 2014 cryptocurrency ban in June 2024, when the Central Bank issued a resolution allowing the use of cryptocurrencies and digital assets through authorized financial channels. The move was driven by the need for alternative payment mechanisms amid dollar shortages.
Cryptocurrency is legal in Colombia but not recognized as legal tender or currency. The SFC has run regulatory sandbox programs for crypto-financial services, and exchanges operate under general business registration. Colombia has high crypto adoption, particularly for remittances and as an inflation hedge.
Tax Type
Unclear
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
0-39%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
BCB (Banco Central de Bolivia), ASFI
Regulator
SFC (Superintendencia Financiera de Colombia), DIAN
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No specific stablecoin regulations yet
Key Points
- Bolivia banned crypto in 2014 via BCB Resolution 044/2014
- Ban was lifted in June 2024 via new BCB resolution permitting crypto transactions
- Reversal motivated by acute US dollar shortages in the country
- Regulatory framework for VASPs is still being developed
- Tax treatment of crypto remains largely unclear under Bolivian tax law
Key Points
- Crypto is legal but not recognized as currency or legal tender
- SFC operates regulatory sandboxes allowing banks to partner with crypto exchanges
- DIAN (tax authority) requires reporting and taxation of crypto gains as part of general income
- Colombia ranks among the top 20 countries globally in crypto adoption
- No comprehensive crypto-specific legislation yet; regulation evolving