Bolivia sees a surge in virtual asset payments… $430 million traded over the past year

There is growing attention on whether Bolivia, a South American country, can emerge as a rising power in virtual assets (cryptocurrencies).

According to CryptoSlate on the 28th (Korean time), the Central Bank of Bolivia announced in a report that virtual asset transactions in the country over the past 12 months totaled $430 million, marking a 630% increase compared to the previous year. Of these, 86% were conducted by individual users.

The background to the active growth of virtual asset trading within Bolivia is believed to be the regulatory authorities' policy shift towards easing regulations on virtual assets. Bolivia had completely banned virtual asset payments in June 2023, but lifted this restriction in June 2024.

The Central Bank of Bolivia stated, "These tools have improved access to foreign exchange transactions, including overseas remittances and small-scale purchases and payments, benefiting small self-employed businesses and families nationwide."