Cryptocurrency adoption is growing in Bolivia, one of the smallest economies in Latin America. The country's central bank recently emphasized the growth of local crypto activities and noted that this has 'activated the national payment system.'
According to the data from this report, digital asset trading activities have increased by 112% following the lifting of the complete ban on banks and payment institutions conducting cryptocurrency operations through their channels.
The central bank now estimates that over 252,000 Bolivians hold digital assets and conduct trading operations on various platforms. The bank's president, Edwin Rojas Ulo, pointed out that cryptocurrency trading volume exceeded $75 million in the past four months (from July to October 2024), which is a significant increase compared to the $46.4 million traded in the first and second quarters of 2024. (Bitcoin.com)
Previously, at the end of June, it was reported that Bolivia lifted the ban on Bitcoin and other cryptocurrencies. This ban took effect in December 2020. On June 26, the Central Bank of Bolivia (BCB) officially announced that banks are now allowed to conduct cryptocurrency transactions.