Bolivia reports 100% growth in virtual property transactions
Bolivia saw a 100% increase in virtual property transaction volume between July and September.
The increase comes after the Banco Central de Bolivia lifted its ban on Bitcoin.
Bolivia's central bank lifted the ban in June of this year.
Bolivia has reportedly recorded a 100% increase in virtual asset trading just months after the country lifted its ban on Bitcoin.
In the announcement, BCB has doubled average monthly virtual volumes in digital asset trading between July and September 2024.
Virtual property transaction volumes have increased over the past three months.
According to Bolivia's central bank, the past three months have seen a 105 percent increase in trade compared to 18 months before the ban was lifted.
On average, the country saw $15.6 million in virtual value transactions per month, and a total of about $48.6 million in three months.
Most of the volume was in Statcoins, which are seeing increased adoption as crypto adoption increases in South America and around the world. Recently, stablecoins have enabled USDC transfers in Brazil and Mexico.
Edwin Rojas Ullo, Acting BCB President, commented on the matter in a statement. The central bank claims to be at the forefront of promoting crypto asset adoption in Bolivia. According to him, the steps being taken by the Central Bank are aimed at enhancing the economic future of the country.
Bolivia It banned Bitcoin and cryptocurrency payments in 2014, but reversed that decision in June. This shift in stance on crypto sees the country join the ranks of other increasingly pro-crypto states in the Latin American region.
Brazil and Argentina are among the main ones taking a more positive approach with measures such as introducing crypto tax laws. Argentina has elected a pro-crypto president, with Javier Millay among Bitcoin supporters.
The leading nation in the region is El Salvador. On September 7, 2021, El Salvador became the first country in the world to accept BTC as legal tender. Cooperation with industry players and other countries is growing.
