- Bolivia has experienced a remarkable 100% increase in virtual asset trading from July to September.
- This surge follows the Central Bank of Bolivia’s recent decision to lift its long-standing ban on Bitcoin.
- The ban was officially removed in June of this year.
Bolivia has reported an impressive 100% growth in virtual asset trading after removing the ban on Bitcoin. According to an announcement from the Central Bank of Bolivia (BCB) on September 26, the average monthly trading volume for digital assets has doubled during the period from July to September 2024.
Significant Growth in Virtual Asset Trading Volumes
In the last three months, the BCB indicated a staggering increase of over 105% in trading volume compared to the 18 months prior to lifting the ban. On average, Bolivia witnessed around $15.6 million in monthly virtual asset trading, totaling approximately $48.6 million over the three-month period.
The majority of this trading volume was attributed to stablecoins, which are gaining traction not only in South America but globally, as interest in cryptocurrencies continues to rise. Recently, Circle, a major stablecoin issuer, enabled USDC transfers in Brazil and Mexico.
Edwin Rojas Ulo, the acting president of BCB, addressed this development, emphasizing that the central bank is dedicated to fostering crypto asset adoption in Bolivia. He believes that the initiatives being implemented are essential for improving the country’s economic outlook.
Historically, Bolivia had prohibited Bitcoin and other cryptocurrency transactions in 2014 but reversed this decision in June 2023. This shift aligns Bolivia with a growing number of Latin American countries embracing a more favorable stance towards cryptocurrencies.
Countries like Brazil and Argentina have also been exploring positive regulatory measures, including the introduction of crypto taxation laws. Additionally, Argentina has recently elected a president, Javier Milei, who is an outspoken advocate for Bitcoin.
El Salvador remains the leader in crypto adoption within the region, having made headlines on September 7, 2021, by becoming the first country globally to accept BTC as legal tender. Collaborative efforts between countries and industry stakeholders continue to expand.
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