According to one report from the Central Bank of Bolivia (BCB), virtual asset transactions in Bolivia have more than doubled in the past three months after the country lifted its ban on Bitcoin in June.
Between July and September, average monthly trading volume rose to $15.6 million, compared to $7.6 million in the first half of the year. This sharp increase brought the total transaction value for the quarter to $46.8 million, higher than the previous six months.
The increase followed the entry into force of Resolution 082/2024 on June 25, which allowed the use of electronic payment methods to buy and sell virtual assets, with stablecoins accounting for the majority of transactions.
BCB acting president Edwin Rojas said during a press conference:
“The BCB is at the forefront of crypto asset adoption in Bolivia. We are making rapid progress towards an economy that embraces digital financial tools.”
The number of virtual asset transactions also increased by 141%, from 932,000 to 1,123,000 in the same period. This growth reflected broader acceptance of virtual assets among both financial institutions and individual users.
BCB officials worked closely with the Financial System Supervisory Authority (ASFI) and the Financial Investigations Unit to implement the regulation, in line with the guidelines of the Latin American Financial Action Task Force (GAFILAT).
Six financial intermediaries began processing virtual asset transactions via electronic payment methods following the implementation of the resolution, with individuals conducting the majority of these transactions.
Rojas Ulo:
“The shift to virtual assets represents an important step in modernizing the Bolivian economy and integrating it with global markets. This regulation provides our citizens with an alternative way to handle cross-border transfers and electronic payments.”
Since the implementation of the regulation, the BCB has included virtual assets in its 2024 economic and financial education program, conducting 33 workshops nationwide. More than 3,000 people attended sessions aimed at improving the public’s understanding of virtual assets, their operation and the risks associated with them.
The BCB reaffirmed its commitment to promote economic stability and development through these initiatives.