Bolivian authorities arrest 60 “cryptocurrency promoters”

Bolivian authorities arrest 60 “cryptocurrency promoters”

The Bolivian financial system supervisor, the ASFI, said local authorities have arrested 60 people who who were “presumably conducting training related to the investment in virtual currencies”. According to the statement, the offenders were apprehended last week by the a criminal special forces unit, while they “were carrying out training activities related to the investment of money with

characteristics of multilevel activities” in a cinema hall in the city of Santa Cruz de la Sierra.

Bolivia is one of the countries that has prohibited cryptocurrencies and considers them “pyramidal schemes that are only looking to appropriate the money and savings of Bolivians”.

“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,”  ASFI director Lenny Valdivia Bautista said in the statement. “The Bolivian population should not participate in closed [cryptocurrency] groups through WhatsApp. The only thing they are doing is taking advantage of the population, deceiving the people to appropriate their money.”

According to previous reports of Coin Telegraph, this has not stopped Bolivians from trading in cryptocurrencies. They are keeping in touch through social media and messaging apps and are meeting in person to trade in bitcoin and other digital currencies.

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