- Bolivia records $430M in crypto transactions post-ban
- 86% of transactions were from individuals via Binance channels
- State energy company to use crypto for fuel imports
Crypto Adoption Surges in Bolivia
Since lifting its cryptocurrency ban in 2024, Bolivia has seen a dramatic rise in crypto activity. The Central Bank of Bolivia reported that over the past 12 months, crypto-based payment transactions reached $430 million. This represents a year-on-year increase of 630%, reflecting a significant shift in financial behavior across the country.
Notably, 86% of these transactions were conducted by individuals, primarily through channels related to Binance. The growing use of digital assets appears to be driven by economic instability, including inflation, fuel shortages, and a lack of U.S. dollars in the local financial system. Citizens and small businesses alike are turning to crypto as a more reliable means of transacting and preserving value.
Government Embraces Crypto for Energy Imports
In a major policy shift, the Bolivian government has authorized the state-owned energy company, YPFB, to use cryptocurrencies for importing fuel, including diesel and fuel additives. While the system has been set up, no actual transactions have yet occurred. However, this approval marks a milestone in Bolivia’s broader strategy to incorporate crypto into national-level operations.
The move comes as the country faces severe dollar shortages and pressure on fuel subsidies. By enabling crypto-based payments, Bolivia aims to streamline cross-border transactions and maintain critical imports despite foreign exchange challenges.
Regulation and Public Awareness
To manage the rapid growth in digital asset usage, Bolivia has introduced a regulatory framework to support crypto transactions while protecting users. The country lifted its ban on crypto through Resolution 082/2024, and later issued Decree 5384 to license fintech operators and implement anti-money laundering standards.
Alongside these measures, the Central Bank is launching public education campaigns to raise awareness about crypto risks, how to securely manage private keys, and how to avoid fraud. These steps are aimed at fostering a responsible and sustainable crypto ecosystem in the country.
Read Also:
- Elon Musk’s Firms Own $2B in Bitcoin
- Ric Edelman Urges 10%–40% Crypto Allocation in Portfolios
- Bolivia’s Crypto Transactions Hit $430M After Ban Lift
- ETF Surge: $501M Bitcoin & $77M Ethereum Inflows
- Bitcoin Futures Volume Hints at Leverage-Driven Rally
