- Bolivia saw a 100% increase in trading volumes of virtual assets between July and September.
- The increased volume comes after Banco Central de Bolivia lifted a long ban on Bitcoin.
- Bolivia’s central bank lifted the ban in June this year.
Bolivia has reportedly recorded a 100% surge in virtual asset trading, a few months after the country lifted its ban of Bitcoin.
In the announcement made on Sept. 26, BCB said average monthly virtual volumes across digital asset trading had doubled in the period between July and September 2024.
Virtual asset trading volume surge in last three months
According to Bolivia’s central bank, the last three months saw over 105% more in trading volume compared to the 18 months before the ban was lifted.
On average, the country saw $15.6 million in virtual asset trading monthly, and cumulatively about $48.6 million over three months.
Most of the volume was in stablecoins, which are seeing increased adoption across not just South America, but worldwide as crypto adoption rises. Recently, stablecoin issuer Circle enabled USDC transfers in Brazil and Mexico.
Edwin Rojas Ulo, acting BCB president, commented on this via a statement. He noted that the central bank is at the forefront of promoting crypto asset adoption in Bolivia. According to hime, the steps the central bank is taking are aimed at enhancing the country’s economic future.
Bolivia banned Bitcoin and cryptocurrency payments in 2014, but rescinded the decision in June. This shift in stance against crypto means the country joins others in the Latin America region that are increasingly pro-crypto.
Brazil and Argentina are among those to take a more positive approach, with measures such as introducing crypto taxation laws among major steps. Argentina also elected a pro-crypto president, with Javier Milei among proponents of Bitcoin.
The leading nation in the region however is El Salvador. On September 7, 2021, El Salvador became the first country in the world to adopt BTC as legal tender. Collaboration with industry players and other countries is also growing.
