In accordance with a report by the Central Financial institution of Bolivia (BCB), digital asset transactions in Bolivia have greater than doubled prior to now three months after the nation lifted its ban on Bitcoin in June.
Between July and September, common month-to-month deal quantity rose to $15.6 million, in comparison with $7.6 million within the first half of the yr. This surge introduced whole transaction worth for the quarter to $46.8 million, surpassing the earlier six months.
The rise adopted the enactment of Decision 082/2024 on June 25, which allowed using digital cost strategies for the acquisition and sale of digital belongings, with stablecoins accounting for almost all of transactions.
Performing BCB president Edwin Rojas mentioned throughout a press convention:
“BCB is a pioneer in accepting crypto-assets in Bolivia. We’re making speedy progress in the direction of an financial system that embraces digital monetary devices.”
The variety of digital asset transactions additionally jumped 141%, rising from 932,000 to 1,123,000 over the identical interval. This progress mirrored the broader adoption of digital belongings by each monetary establishments and particular person customers.
BCB officers labored carefully with the Monetary System Supervisory Authority (ASFI) and the Monetary Investigation Unit to implement the regulation in accordance with the rules of the Latin American Monetary Motion Group (GAFILAT).
Six monetary intermediaries started processing digital asset transactions by way of digital cost strategies following the introduction of the decision, with the vast majority of these transactions carried out by pure individuals.
Rojas Ulo:
“The shift to digital belongings represents a key step within the modernization of the Bolivian financial system and its integration with world markets. This regulation offers another method for our residents to deal with cross-border transfers and digital funds.”
For the reason that implementation of the regulation, BCB has included digital belongings in its 2024 financial and monetary schooling program and held 33 nationwide workshops. Greater than 3,000 folks attended periods aimed toward bettering the general public's understanding of digital belongings, their operations and the dangers concerned.
BCB reaffirmed its dedication to assist financial stability and growth by way of these initiatives.
