Bolivia's central bank has reported a 100 percent increase in the average monthly value of virtual asset transactions in the country since the bitcoin ban was lifted at the end of June.
the average monthly turnover of virtual assets totaled about US$15.6 million between July and September, 105 percent higher than the average for the 18-month period from January 2023 to June 2024.
According to a report released by the Central Bank of Bolivia (BCB) on September 26, transactions worth US$48.6 million were made in the last three months, more than the previous six months combined, mostly with stable coins.
And #cryptocurrency payments made by banks in June. 25 Bolivia completely banned #bitcoin in 2014.
BCB is paving the way for the use of cryptoassets in Bolivia.
Our country is taking an important step towards its economic future by expanding the use of available digital financial instruments, Edwin Rojas Uro, acting president of BCB, said at a press conference.
The number of cryptocurrency transactions in the last three months has increased by 141% compared to the previous six months.
The growth is due to the fact that in July and August, six more financial institutions registered to offer virtual asset services, allowing banks to conduct cryptocurrency transactions Rojas Uro added: With the entry into force of this decree, the population now has an alternative way to send money abroad and make electronic trade payments.
We hope that this integration will make it easier for Bolivian companies to participate in international trade.
Since the ban was lifted, the Central Bank of Bolivia has incorporated virtual assets into its economic and financial education program and has organized 33 seminars across the country, attended by more than 3,000 people.
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