According to data from the Central Bank of Bolivia, operations with crypto assets rose in the last three months after the institution lifted a blanket ban on using the banking system for these transactions. Volumes doubled on average, with stablecoins leading the way and transaction numbers also rising.
Crypto Trading Volumes Double After Lifting of Ban in Bolivia
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Bolivia Experiences a Crypto Renaissance After Lifting Blanket Ban
Bolivia has seen a relevant surge in crypto assets’ adoption after lifting a prohibition on using banking channels to trade virtual assets in June. According to a report presented by the Central Bank of Bolivia, cryptocurrency volumes surged over 100% on average during the subsequent three months to the elimination of this ban, taking numbers from $7.6 million average from January 2023 to June 2024 to $15.6 million during the July 2024- September 2024 period.
Total volumes in these three months reached $46.8 million, surpassing the volumes transacted during the earlier six months. While the bank did not offer detailed numbers regarding each token, it did point out that most of these operations involved stablecoins, tokens pegged to the value of the U.S. dollar.
The bank also reported a surge in the average number of operations registered during these last three months, from 155,300 to 374,500, an increment of 141%. Operations in the discussed period reached 1,123,000, surpassing the 932,000 registered from January 2024 to June 2024.
Financial institutions also registered increases of 40% in the utilization of digital means for purchasing and selling digital assets.
Edwin Rojas Ulo, President of the Central Bank of Bolivia, highlighted the institution’s work in creating a path to increase crypto adoption. He stated:
BCB (the bank) is paving the way for the use of crypto assets in Bolivia. Our country is taking giant steps towards an economic future with greater use of accessible digital instruments.
Before, Rojas Ulo had highlighted the relevance of stablecoins as a dollar proxy for Bolivians, stating that using these was “as if one were trading in North American currency, although what one is doing are operations with these digital assets.”
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