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Cryptocurrency News Articles
Bolivia Records 100% Surge in Virtual Asset Trading Volume Months After Lifting Bitcoin Ban
Sep 28, 2024 at 12:31 am
Bolivia's central bank, the BCB, said average monthly virtual volumes across digital asset trading had doubled in the period between July and September 2024.
Bolivia’s central bank has announced a 100% surge in virtual asset trading volumes a few months after the country lifted its ban on Bitcoin.
According to the Bolivian Central Bank (BCB), the average monthly virtual asset trading volumes across digital asset exchanges had doubled in the period between July and September 2024.
Compared to the 18 months before the ban was lifted, the last three months saw over 105% more in trading volume. On average, the country saw $15.6 million in virtual asset trading monthly, and cumulatively about $48.6 million over three months.
Most of the volume was in stablecoins, which are seeing increased adoption across not just South America, but worldwide as crypto adoption rises. Recently, stablecoin issuer Circle enabled USDC transfers in Brazil and Mexico.
“The Central Bank of Bolivia is at the forefront of promoting the adoption of crypto assets in Bolivia. The steps we are taking are aimed at enhancing Bolivia’s economic future,” said Edwin Rojas Ulo, acting BCB president.
Bolivia banned Bitcoin and cryptocurrency payments in 2014, but rescinded the decision in June. This shift in stance against crypto meant the country joined others in the Latin America region that are increasingly pro-crypto.
Brazil and Argentina are among those to take a more positive approach, with measures such as introducing crypto taxation laws among major steps. Argentina also elected a pro-crypto president, with Javier Milei among proponents of Bitcoin.
The leading nation in the region however is El Salvador. On September 7, 2021, El Salvador became the first country in the world to adopt BTC as legal tender. Collaboration with industry players and other countries is also growing.
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