Bolivia Sees Over 100% Increase in Crypto Transactions After Legalization of Digital Payments

Bolivia Sees Over 100% Increase in Crypto Transactions After Legalization of Digital Payments

Bolivia has reported a significant surge in cryptocurrency transactions in the past three months following new regulations that legalized the use of digital payment channels. The Central Bank of Bolivia announced that the monthly trading volume of virtual assets jumped from $7.6 million to $15.6 million, largely driven by stablecoin transactions and growing public interest.

This increase is attributed to the implementation of Board Resolution 082/2024, which took effect in June and allows electronic payment channels for virtual assets. The number of transactions also surged, with over 1.1 million recorded from July to September, compared to around 932,000 in the previous six months. Most transactions were conducted by individuals.

Additionally, the Financial System Supervision Authority reported that six financial institutions have started operating with virtual assets, marking a further integration of these digital instruments into Bolivia's financial system. Operations among these institutions increased by 40% between July and August.

To support this growth, the Central Bank has launched an educational initiative aimed at informing the public about the characteristics and risks of virtual assets. More than 33 workshops have been held nationwide, engaging over 3,000 participants.

Edwin Rojas Ulo, president of the Central Bank, emphasized that these efforts are part of a broader strategy to modernize the economy and enhance international commercial and financial activities. “The BCB is paving the way for the use of crypto assets in Bolivia. Our country is making significant strides towards a future economy with greater access to digital instruments,” Ulo stated at a press conference.

The new legal framework enables Bolivians to utilize virtual assets for cross-border transactions and e-commerce payments.