Bolivia lifts encryption ban, with encrypted payment transactions reaching $430 million in the past year, a year-on-year increase of 630%

According to CryptoSlate, the Central Bank of Bolivia (BCB) reported that since the lifting of the cryptocurrency ban in 2024, the transaction volume of encrypted payments has reached $430 million in 12 months, a year-on-year increase of 630%. 86% of the transactions were completed by natural persons, with males accounting for 77%. This report only counts the traffic of channels registered with the financial system regulatory agency ASFI, and does not include peer-to-peer trading activities. The payment channels related to Binance account for the largest share. In addition, Bolivia expanded the use of cryptocurrency to the public sector on March 13th, allowing the national energy company YPFB to use digital assets to pay for fuel imports, citing severe shortages of the US dollar and ongoing fuel supply shortages.