Crypto Payments Soar 630% in Bolivia, Central Bank Reports $430M Since Lifting Ban

The Bolivian central bank reported on June 27 that domestic crypto transactions amounted to $430 million in the 12 months since regulators reopened official payment rails, a 630% jump over the previous year. The Banco Central de Bolivia (BCB) reported that users processed 10,193 operations worth BOB 611 million as of May 31, 2025, approximately $88 million. Natural persons executed 86% of those transfers, and males accounted for 77% of that mate. The report counted flows only on channels registered with the financial system manager ASFI, leaving peer-to-peer activity outside the tally. Binance-linked rails moved the largest share. First-half volumes highlight the speed. Crypto payments climbed from $46.5 million in the first six months of 2024 to $294 million in the similar 2025 window. Oversight strategy The growth follows Resolution 082/2024, issued last June 25, which officially acknowledged “virtual assets” and allowed banks to route customer orders to exchanges. Bolivia extended the use of crypto to the public sector on March 13, when authorities permitted the national energy company YPFB to pay for fuel imports with digital assets, citing a severe dollar shortage and ongoing fuel supply pressure. The BCB stated that it would release quarterly dashboards on exchange activity and collaborate with the tax authority, SIN, to integrate wallet analytics with existing value-added tax records. Banks must submit daily reports on crypto outflows and maintain real-time screening against the Office of Foreign Assets Control sanctions list. Regulators flagged 27 accounts for enhanced examination but imposed no fines in the period reviewed. Officials have warned that custodial wallets are excluded from the national deposit insurance plan. They urged users to keep their private keys offline and to verify the spelling of the domain before logging in. The literacy modules include live demonstrations of deep-fake investment scams that recently targeted WhatsApp groups in La Paz. New legal guardrails and education push President Luis Arce’s government advanced the framework in May with Supreme Decree 5384, creating licenses for fintech companies and virtual-asset providers. The decree mandates anti-money laundering controls aligned with GAFILAT guidance and defines tokenized assets, blockchain networks, and custody responsibilities. ASFI has 40 working days to publish implementing guidelines. The BCB combined the legal overhaul with a national literacy campaign. Officials set up workshops in all nine departments to cover private-key management, price volatility, and fraud prevention. “Modern digital tools can improve financial activity, but people must understand the risks,” the report stated.

Source: CryptoSlate