Crypto Fever Grips Bolivia: $430M in Transactions Drive 630% Year-On-Year Surge
Bolivia’s crypto payments have sharply increased in the previous year, reaching over US$ 430M (AU$ 658M). This marks a 630% jump since regulators green lit crypto payments on official rails. New data from Bolivia’s reserve bank shows users ran more than 10,000 operations worth BOB 611 million, which is about US$ 88M (AU$ 134M), by the end of May 2025 alone. The spike is driven by retail, with personal individuals accounting for 86% of transfers, and men comprising three-quarters of that group. The count only covers channels cleared by ASFI, so informal peer-to-peer trades push the real total higher. Most users utilized Binance and Tether to protect themselves from the falling boliviano. The central bank now releases quarterly data, with increased oversight like daily bank reporting, wallet-VAT linking, and public safety campaigns.
Big Exchanges Control Bolivian Crypto Landscape – The major exchanges controlling the Bolivian crypto landscape facilitated the surge, with most users choosing Binance and Tether for their transactions. The significant rise in crypto payments from US$ 46.5M (AU$ 71M) to US$ 294M (AU$ 450M) in the same period indicates the impact of Resolution 082/2024, which permitted banks and even the state oil company YPFB to utilize crypto amidst dollar shortages. The government’s decision to allow YPFB to pay for fuel imports with crypto further accelerated the frequency of operations, showcasing the effectiveness of Resolution 082/2024 in modernizing financial operations and promoting commercial activities.
The central bank’s commitment to quarterly exchange data releases, wallet-VAT linking, and daily reporting of crypto outflows by banks demonstrates a proactive approach towards regulating the growing crypto landscape in Bolivia. Additionally, public workshops on safe storage practices and identification of investment scams aim to educate users on secure crypto transactions. It is crucial to note that crypto held in custodial wallets is not covered by deposit insurance, highlighting the importance of secure storage practices to prevent potential losses in case of exchange shutdowns.
The surge in crypto transactions in Bolivia reflects a significant shift towards digital payments and the adoption of cryptocurrencies as a means of securing assets amidst economic uncertainties. With increasing regulatory oversight and educational initiatives, Bolivia’s crypto ecosystem is poised for further growth and innovation.
