Bolivia reports 100 % of the increase in the trade of virtual assets

• Bolivia recorded an increase in the commercial volume of virtual assets by 100 %between July and September
• The increased volume comes after the Banco Central de Bolivia has lifted a long Bitcoin ban.
• The Bolivian central bank raised the ban in June this year.

reported reported Bolivia a 100 percent increase in trade with virtual assets, just a few months after the country had lifted its Bitcoin ban.

in Announcement BCB announced on September 26 that the average monthly virtual volume when trading with digital assets in the period between July and September and September 2024 have doubled.

The trading volume with virtual assets has increased in the past three months

According to the Bolivian central bank, the trade volume has been over 105 % higher in the past three months than in the 18 months before the ban was lifted.

On average, virtual assets worth $ 15.6 million were traded in the country, a total of around $ 48.6 million over three months.

The majority of the volume were not only increased in South America, but the acceptance of the crypto acceptance is increasing not only in South America, but worldwide. The stable coin emittent Circle made USDC transfers in Brazil and Mexico.

Edwin Rojas Ulo, reigning BCB president, commented in a statement. He pointed out that the central bank plays a pioneering role in promoting the introduction of crypto assets in Bolivia. According to him, the steps of the central bank aim to improve the economic future of the country.

Bolivia banned 2014 Bitcoin and cryptocurrency payments, but raised the decision in June. This change in attitude towards cryptocurrencies means that the country joins other countries in the Latin American region that are increasingly working for cryptocurrencies.

Brazil and Argentina pursue a more positive approach, with measures such as the introduction of crypto control laws are the most important steps. Argentina also chose a pro-cryptocurrency-friendly president, including Javier Milei among the supporters of Bitcoin.

However, the leading state in the region is El Salvador. On September 7, 2021, El Salvador was the first country in the world BTC as a legal means of payment. Cooperation with industry players and other countries is also increasing.