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Published On: Sun, Jun 22nd, 2014

Bitcoin: Currency banned in Bolivia while the Philippines welcomes its first Bitcoin ATM

A tale of two sides of the Bitcoin happened in the past week. First in Bolivia, the country’s central bank, El Banco Central de Bolivia totally banned the popular cryptocurrency and others saying that citizens of Bolivia were prohibited from denominating prices in any non-approved currencies.

Bitcoin Image/CASASCIUS

Bitcoin
Image/CASASCIUS

Along with Bitcoin; Quark, Peercoin, Namecoin, Primecoin and Feathercoin were specifically mentioned as the central bank noted, “It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity.”

The website, Coin Telegraph says the bank’s move seems to be preemptive i.e. done to protect the boliviana, Bolivia’s national currency and, of course, to protect users from losing their money because of uncontrolled currencies.

However, in more promising news on the other side of the globe, the Philippines got it’s first Bitcoin ATM. The open source ATM Skyhook will accept Australian, US, and Canadian dollars, as well as Argentinean Pesos, Yuan, Euros, and numerous other currencies. Owned by a Filipino company known as Bitmarket.ph, locals will finally be able to trade Bitcoins with Philippine pesos and not have to worry about exchange rates. To use Bitmarket.ph all you have to do is activate and access your account. Next, type your transaction’s details (details of the buyer and item for sale). Enter your selling price and exchange it in Bitcoins immediately, Coin Telegraph reports.

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About the Author

- Roxanne "Butter" Bracco began with the Dispatch as Pittsburgh Correspondent, but will be providing reports and insights from Washington DC, Maryland and the surrounding region. Contact Roxie aka "Butter" at [email protected] ATTN: Roxie or Butter Bracco

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