Bolivia Sees Surge in Virtual Asset Transactions Following Bitcoin Ban Lift
Significant Growth in Transaction Volume
According to a recent report by the Central Bank of Bolivia (BCB), the volume of virtual asset transactions has more than doubled in the past three months after the country announced the lifting of its ban on Bitcoin in June.
Monthly Trade Volume Statistics
- Average monthly trade volume from July to September: $15.6 million
- Average monthly trade volume from January to June: $7.6 million
- Total transaction value for Q3: $46.8 million
Regulatory Changes Fueling Growth
This significant uptick coincided with the enactment of Resolution 082/2024 on June 25, which allows electronic payment methods for the buying and selling of virtual assets, predominantly stablecoins.
Official Statements on Crypto Adoption
BCB acting president Edwin Rojas stated:
“The BCB is leading the way in crypto asset adoption in Bolivia. We are making rapid progress toward an economy that embraces digital financial tools.”
Increase in Transaction Count
The total number of virtual asset transactions also rose dramatically, registering a 141% increase from 932,000 to 1,123,000 within the same period. This surge indicates growing acceptance of virtual assets among financial institutions and consumers alike.
Collaboration with Regulatory Bodies
BCB officials collaborated with the Financial System Supervisory Authority (ASFI) and the Financial Investigations Unit to bring these regulations into effect, ensuring they align with the protocols set forth by the Latin American Financial Action Task Force (GAFILAT).
Implementation of Electronic Transactions
Following the resolution, six financial institutions have initiated electronic payment processing for virtual asset transactions, with individuals making up the majority of these trades.
Vision for Economic Modernization
Rojas Ulo expressed:
“The shift toward virtual assets represents a key step in modernizing Bolivia’s economy and integrating it with global markets. This regulation gives our citizens an alternative way to handle cross-border transfers and electronic payments.”
Educational Initiatives on Virtual Assets
Since the resolution, the BCB has included virtual assets in its 2024 Economic and Financial Education Program, conducting 33 workshops across the country. Over 3,000 participants have taken part in sessions aimed at enhancing public understanding of virtual assets, their mechanisms, and associated risks.
Commitment to Economic Stability
The BCB reaffirms its dedication to promoting economic stability and development through these initiatives, paving the way for a more technologically integrated financial landscape in Bolivia.