Bolivia’s crypto trading volume jumps to $15.6M after legalisation

Bolivia has seen a surge in cryptocurrency transactions following the legalisation of digital payment channels. 

According to a report from the Bolivian Central Bank, the country’s monthly virtual asset trading volume increased from $7.6 million to $15.6 million within three months. 

This significant growth is mainly attributed to a rise in stablecoin transactions and heightened public interest in cryptocurrencies. 

The implementation of Executive Board Resolution No. 082/2024 in June, which allowed the purchase of virtual assets through electronic payment systems, played a key role in driving this increase. 

The number of virtual asset transactions also saw a notable rise, exceeding 1.1 million between July and September, compared to roughly 932,000 in the prior six months. 

Most of these transactions were carried out by individuals. 

Additionally, six financial institutions in Bolivia have started utilising virtual assets in their operations, according to the Financial System Supervisory Authority (ASFI). 

These institutions experienced a 40% increase in business activity between July and August, reflecting the growing integration of cryptocurrencies into the nation’s economy. 

To further support this expansion, the Bolivian Central Bank introduced an educational program aimed at raising awareness about the risks and benefits of virtual assets. 

The initiative involved 33 workshops nationwide, attended by over 3,000 people. 

Central Bank President Edwin Rojas Ulo emphasised that this effort is part of a broader strategy to modernise Bolivia's economy and strengthen its international business presence.