In just three months after legalizing crypto-related payments, Bolivia has witnessed a more than 100% surge in crypto transactions. The metric conveying the South American country’s latest landmark achievement appeared in a recently published document by Bolivia's Central Bank.
According to the released publication, the South American nation's monthly virtual trading volume soared from $7.6 million in June to about $15.6 million in September. Interestingly, drivers like increased public interest and stablecoin transactions were the catalysts behind the surge in crypto transactions.
Legalization of Digital Payment Channels and Bolivia's Trading Volume Surge
It is worth noting that utilizing electronic payment channels for virtual assets was responsible for the unprecedented surge. It began in June after the Board Resolution 082/2024.
Aside from the spike in trading volume, Bolivia saw its virtual assets transactions surge remarkably. Notably, 1.1 million transactions happened between July and September this year. Before now, the transaction count in the previous six months was about 932,000.
Meanwhile, in other developmental milestones, Bolivia’s Financial System Supervision Authority (ASFI) revealed that six financial outlets domiciled in Bolivia have integrated virtual assets payment options. Per the ASFI report, financial institution growing influence soared by about 40% between July and August.
Bolivia’s Central Bank Remains Committed to Sustaining the Spiking Trend
To ensure that Bolivian citizens do not slack in their involvement with virtual assets, the nation's Central Bank has rolled out a sensitization program. The initiative aims to educate the populace on an overview of the characteristics of virtual assets, with an emphasis on associated risks.
Speaking about the initiative, Edwin Rojas Ulo, the Bolivian Central Bank president, noted that the move is a welcomed development that hopes to modernize the country’s economy. In addition, It aims to bolster Bolivia’s relationship with other top nations in the global financial and market landscape. By so doing, it also strengthens the South American country's economy via diversification.
NEW: 🇧🇴 According to a report from the Bolivia central bank, the number of cryptocurrency transactions in the country has jumped up since they removed the ban on crypto trading in June.
— DΛVID (@DavidShares) September 27, 2024
Bolivia’s central bank attributes this rise in crypto transactions and trading volume to the… pic.twitter.com/9xVBVqccUC
