Bolivia lifts cryptocurrency ban, sees 112% growth in trading activity

Cryptocurrency adoption is growing in Bolivia, one of Latin America’s smallest economies, with the country’s central bank recently highlighting the growth in local crypto activity, noting that this has “activated the national payment system.” According to the bank’s data, digital asset trading activity increased by 112% after the lifting of a blanket ban on banks and payment institutions from conducting cryptocurrency operations through its channels. The central bank now estimates that more than 252,000 Bolivians hold digital assets and complete trading operations on different platforms, with bank president Edwin Rojas Ulo noting that cryptocurrency trading volumes have exceeded $75 million, a significant increase compared to the $46.4 million traded in the first and second quarters of 2024. (Bitcoin.com) This follows news at the end of June that Bolivia had lifted its ban on Bitcoin and other cryptocurrencies. The ban came into effect in December 2020. On June 26, the Central Bank of Bolivia (BCB) has officially announced that banks can now conduct cryptocurrency transactions.