The rise of Bitcoin and stablecoin usage in Bolivia has been significant in recent years, drawing the attention of the country's central bank.
Transaction Statistics
The Central Bank of Bolivia (BCB) reported a 630% increase in digital asset transactions, reaching USD 430 million over the year. This change reflects users' desire to seek financial protection amid a shortage of foreign currency.
Role of Individual Users
Approximately 86% of digital asset transactions were conducted by individual users, with men comprising 77% of these operations. This indicates a growing interest in cryptocurrencies among the population.
Regulation and Education in Cryptocurrency
In response to the growing interest in digital assets, the national government is implementing Decree 5384, which regulates fintech companies and defines 'Virtual Asset Service Providers.' The central bank is also conducting workshops on cryptocurrencies to raise awareness and warn about risks.
With the increasing use of cryptocurrencies in Bolivia, authorities aim to develop clear rules and educational programs to ensure safe usage of digital assets.
