Bolivia has witnessed a significant uptick in cryptocurrency transactions over the past three months, following the legalization of digital payment channels. According to recent data from the Bolivian Central Bank, the country’s monthly trading volume in virtual assets skyrocketed from $7.6 million to $15.6 million, driven largely by stablecoin usage and increasing public interest.

This surge is linked to the implementation of Executive Board Resolution No. 082/2024, effective June, which allows the purchase of virtual assets through electronic payment systems. The number of transactions has also surged, with over 1.1 million recorded from July to September, compared to about 932,000 in the previous six months. Most of these transactions were conducted by individual users.

Additionally, the Financial System Supervisory Authority (ASFI) reported that six financial institutions have begun incorporating virtual assets into their operations, reflecting a growing acceptance of digital tools within Bolivia’s financial ecosystem. Business activities for these institutions rose by 40% between July and August.

To support this crypto expansion, the Bolivian Central Bank has launched an educational initiative aimed at informing the public about the benefits and risks associated with virtual assets. The program included 33 workshops across the nation, attended by more than 3,000 individuals. Central Bank President Edwin Rojas Ulo highlighted that this effort is part of a broader strategy to modernize the economy and bolster international financial activities.

In late June, Bolivia lifted its ban on Bitcoin and other cryptocurrencies, which had been in place since December 2020. The Central Bank officially announced on June 26 that banks are now authorized to engage in cryptocurrency transactions. However, while trading through approved electronic channels is now permitted, the Central Bank reiterated that cryptocurrencies do not qualify as legal tender in Bolivia.