Bolivia's Crypto Boom: Trading Volume Increases 112% After Lifting Ban

The cryptocurrency market in #bolivia is experiencing a significant boom after the Central Bank of Bolivia (BCB) lifted the comprehensive ban on crypto transactions earlier this year.

Impressive Growth

• According to BCB, trading activities of digital assets have increased by 112% over a span of 4 months (from July to October 2024), with total trading volume exceeding 75 million USD, compared to 46.4 million USD in the first half of this year.

• Currently, more than 252,000 Bolivians are holding digital assets and conducting transactions across multiple platforms.

Participation of Organizations

• The rising demand has spurred the emergence of 9 crypto service providers in Bolivia.

• A notable advancement is Bisa Bank becoming the first bank to offer trading and custody services for #Tether (USDT).

Positive Impact

• BCB President, Edwin Rojas Ulo, noted that crypto has helped to “energize the national payment system.” He also praised the convenience of stablecoins, viewing them as an effective alternative to the USD amidst Bolivia's foreign currency supply shortage.

Being more open to crypto not only fosters financial innovation but also opens up opportunities to mitigate risks when interacting with the cryptocurrency market, providing significant benefits to the Bolivian economy.