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The bank estimates the number of Bolivian Cryptocurrency users at 252,000.
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Cryptoasset purchase and sale operations increased by 112%, says the bank.
The Central Bank of Bolivia (BCB) reported this week about the significant increase in the use of cryptocurrencies in the country. According to the report, more than 252,000 people own virtual assets in Bolivia and have carried out transactions that exceeded 75 million US dollars in the last four months.
This figure represents a considerable increase compared to the 46.4 million dollars traded in the first half of the year, said the BCB, which highlighted that, from June 2024, When the ban was lifted cryptocurrencies in Bolivia, there has been an increase of 112% in the purchase and sale operations of these assets.
This growth has been directly reflected on platforms such as Binance, where the amounts traded increased from USD 13.7 million in July to USD 23.7 million in October. thus accumulating more than USD 75 million in four monthsindicates the Bolivian bank.
The BCB relies on Binance for its calculations. Source: BCB.
The entity highlights that natural persons have been the main protagonists of this boom, carrying out 88% of the operations. They indicate that women have actively participated, with a total of 1,029 transactions, representing 62% of the operations carried out by individuals.
Edwin Rojas Ulo, president of the BCB, highlighted that transfers to national banks are the most common transaction modality, followed by transfers abroad and online purchases.
This increase in the use of cryptocurrencies has also been reflected in the national financial system, where the number of operations with these assets rose from 812 to 1,719 between July and Octoberwith a total value of transactions that rose from 575,000 bolivianos to 20.1 million bolivianos, according to BCB data.
The use of cryptocurrencies in Bolivia has grown steadily. Source: BCB.
In September, CriptoNoticias reported that cryptocurrency transactions in Bolivia had grown 100% in three monthswith cryptoasset trading increasing from USD 7.6 million in the first six months of the year to USD 15.6 million between July and September.
This phenomenon places Bolivia as one of the Latin American countries with the highest adoption of cryptoassets. Representative Mariela Baldivieso pointed out that this movement towards the legalization and promotion of cryptocurrencies marks a significant milestone, especially after the removal of the previous banturning Bolivia into a regional benchmark in the use of Bitcoin, as this medium has reported.
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