Bolivia is experiencing a surge in cryptocurrency trading after the Central Bank lifted a long-standing ban on using banking channels for crypto transactions. In the three months since the change, crypto trading volumes have more than doubled, led by an increased demand for stablecoins. This significant crypto trading surge after Bolivia lifts the ban indicates a renewed interest in digital currencies.
Bolivia’s Crypto Revival: A New Era Begins
The lifting of Bolivia’s crypto ban in June 2024 has sparked a notable increase in the country’s digital asset activities, a clear indicator of the crypto trading surge after Bolivia lifted the ban. According to data from the Central Bank of Bolivia, trading volumes jumped by over 100% in the months following the policy shift. From July to September 2024, the country saw $15.6 million in crypto transactions, a significant rise from the $7.6 million average recorded during the prior 18 months.
The period from July to September 2024 accounted for $46.8 million in crypto activity, outpacing all earlier transactions for the year. Most of these transactions involved stablecoins, digital tokens pegged to the value of the U.S. dollar. This reflects the ongoing crypto trading surge after Bolivia lifts its ban.
Transaction Numbers on the Rise
Along with the surge in trading volumes, crypto transactions climbed dramatically. Bolivia recorded 374,500 transactions between July and September, compared to 155,300 transactions during the earlier six months. This marks a 141% increase in the number of operations, reflecting the growing adoption of cryptocurrencies in the country following the crypto trading surge after Bolivia lifts its ban.
Overall, Bolivia processed 1,123,000 crypto transactions from July to September, surpassing the 932,000 operations in the first half of 2024. Financial institutions also reported a 40% increase in the use of digital methods for buying and selling crypto assets.
A Path Towards Greater Adoption
Edwin Rojas Ulo, President of the Central Bank of Bolivia, emphasized the bank’s role in fostering crypto adoption. He stated, “We are paving the way for using crypto assets in Bolivia. Our nation is taking large strides toward a more digital economic future amid the crypto trading surge after Bolivia lifts the ban.”
Rojas Ulo also praised the use of stablecoins in Bolivia, highlighting their importance as a practical alternative to the U.S. dollar for local transactions.
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