- Bolivia experienced a 100% rise in trading volumes for digital assets from July to September
- This increase follows the Central Bank of Bolivia’s decision to remove a prohibition on Bitcoin
- The central bank took this action in June of this year
Reports indicate that Bolivia has seen a 100% increase in virtual asset trading just a few months after the country lifted its Bitcoin ban.
In a press release, the BCB stated that average monthly volumes for virtual assets had doubled from July to September 2024.
Surge in virtual asset trading volume in the past three months
According to the central bank of Bolivia, trading volumes have increased by over 105% in the last three months compared to the 18 months before the ban was lifted.
On average, $15.6 million in virtual asset trading occurred monthly, totaling approximately $48.6 million over three months.
Stablecoins made up most of the trading volume, reflecting their growing acceptance in South America and globally as cryptocurrency adoption rises. Recently, Circle, a stablecoin issuer, enabled USDC transfers in Brazil and Mexico.
Edwin Rojas Ulo, the acting president of the BCB, commented on this progress, emphasizing the central bank’s role in advocating for cryptocurrency adoption in Bolivia. He stated that the bank’s initiatives are intended to bolster the country’s economic prospects.
Bolivia had prohibited Bitcoin and cryptocurrency transactions in 2014 but reversed this decision in June. This change aligns Bolivia with other Latin American nations that are becoming increasingly favorable towards cryptocurrency.
Countries like Brazil and Argentina have adopted more positive stances, implementing measures such as crypto taxes. Argentina also voted in a pro-crypto president, Javier Milei, a supporter of Bitcoin.
However, El Salvador remains the leader in the region. On September 7, 2021, it became the first country globally to recognize BTC as legal tender, and collaboration with industry stakeholders and other nations continues to expand.
