Bolivia Sees 630% Crypto Transaction Surge After Payment Ban Lifted

In a significant development for the cryptocurrency landscape, the Bolivian central bank reported a staggering 630% increase in domestic crypto transactions over the past year. This surge follows the lifting of a ban on crypto payments, with transactions totaling $430 million in the 12 months since regulators reopened formal payment rails.

The Banco Central de Bolivia (BCB) detailed that as of May 31, 2025, users processed 10,193 operations worth BOB 611 million, approximately $88 million. Notably, natural persons executed 86% of these transfers, with men accounting for 77% of that cohort. The report only counted flows on channels registered with the financial system supervisor ASFI, excluding peer-to-peer activity. Binance-linked rails moved the largest share of these transactions.

The first-half volumes underscore the rapid growth. Crypto payments climbed from $46.5 million in the first six months of 2024 to $294 million in the comparable 2025 window. This growth is attributed to Resolution 082/2024, issued last June 25, which formally recognized “virtual assets” and allowed banks to route customer orders to exchanges.

Bolivia further extended the use of crypto to the public sector on March 13, permitting the national energy company YPFB to pay for fuel imports with digital assets. This move was driven by an acute dollar shortage and ongoing fuel supply strain. The BCB plans to publish quarterly dashboards on exchange activity and collaborate with the tax authority, SIN, to integrate wallet analytics with existing value-added tax records.

Banks are required to file 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 scheme and urged users to keep their private keys offline and verify the spelling of the domain name before logging in.

The literacy modules include live demonstrations of deep-fake investment scams that recently targeted WhatsApp groups in La Paz. President Luis Arce’s government advanced the framework in May with Supreme Decree 5384, creating licenses for fintech firms and virtual-asset service providers. The decree mandates anti-money laundering controls aligned with GAFILAT guidance and defines tokenized assets, blockchain networks, and custody obligations. ASFI has 40 working days to publish implementing rules.

The BCB paired the legal overhaul with a national literacy campaign. Officials scheduled workshops in all nine departments to cover private-key management, price volatility, and fraud prevention. “Modern digital tools can improve economic activity, but citizens must understand the risks,” the report said.