The Central Bank of Bolivia (BCB) has reported a significant increase in virtual asset transactions in the country following the lifting of the ban on Bitcoin in June. According to a recent report released by the BCB, the average monthly trade volume of virtual assets more than doubled in the last three months, reaching $15.6 million compared to $7.6 million in the first half of the year.
The total transaction value for the quarter soared to $46.8 million, surpassing the previous six months. This surge in virtual asset transactions was largely driven by the enactment of Resolution 082/2024 on June 25, which allowed the use of electronic payment methods for buying and selling virtual assets, with stablecoins being the most popular choice among traders.
Acting president of the BCB, Edwin Rojas, highlighted the rapid progress Bolivia is making towards embracing digital financial tools. He 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.”
The number of virtual asset transactions in Bolivia also saw a significant increase of 141%, rising from 932,000 to 1,123,000 over the same period. This growth indicates a growing acceptance of virtual assets among both financial institutions and individual users in the country.
To ensure the smooth implementation of the regulation, BCB officials collaborated closely with the Financial System Supervisory Authority (ASFI) and the Financial Investigations Unit, aligning with guidelines from the Latin American Financial Action Task Force (GAFILAT).
Following the introduction of the resolution, six financial intermediaries in Bolivia started processing virtual asset transactions through electronic payment methods, with individual traders accounting for the majority of these transactions.
Rojas Ulo emphasized the importance of this shift towards virtual assets in modernizing Bolivia’s economy and integrating it with global markets. He stated, “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.”
In addition to facilitating virtual asset transactions, the BCB has incorporated virtual assets into its 2024 Economic and Financial Education Program. The program includes 33 nationwide workshops aimed at educating the public about virtual assets, how they operate, and the associated risks. Over 3,000 individuals participated in these workshops, demonstrating a keen interest in understanding and engaging with virtual assets.
The BCB remains committed to fostering economic stability and development in Bolivia through its initiatives to promote the use of virtual assets and digital financial tools.