Trusted

Bolivia Partners with El Salvador to Boost Crypto Adoption Amid 630% Growth

3 mins
Updated by Harsh Notariya
Join our Trading Community on Telegram

In Brief

  • Bolivia's Central Bank signs MOU with El Salvador's CNAD to regulate digital assets and foster crypto adoption.
  • The agreement aims to create a regulatory framework for crypto and share blockchain intelligence tools, enhancing Bolivia’s ecosystem.
  • Bolivia experiences a 630% rise in crypto transactions, reflecting growing use due to economic instability and the lifting of the crypto ban.
  • promo

Bolivia’s Central Bank has signed a memorandum of understanding (MOU) with El Salvador’s National Commission of Digital Assets (CNAD). The collaboration seeks to develop and regulate the use of digital assets in the country.

In the face of Bolivia’s economic challenges, the BCB also called cryptocurrencies a ‘viable and reliable alternative’ to traditional fiat currencies. This strategic move comes as Bolivia experiences a remarkable 630% surge in domestic cryptocurrency transactions. This signals growing adoption and interest in digital assets.

Bolivia Strengthens Crypto Ecosystem with El Salvador Partnership

In a press release dated July 30, Banco Central de Bolivia (BCB) revealed that the goal of this agreement is to leverage El Salvador’s expertise. The country has been a pioneer in the regulation and use of digital assets. It was the first nation to adopt Bitcoin as legal tender in 2021.

“Both entities also commit to promote the exchange of experiences and technical and regulatory knowledge on the subject, including the use of blockchain intelligence tools, risk analysis, etc., within the framework of their regulatory competencies,” the press release reads.

This partnership aims to help Bolivia develop a regulatory framework for cryptoassets, fostering safe and regulated ecosystems that will be attractive for investment. Juan Carlos Reyes García, the President of CNAD, and Edwin Rojas Ulo, the acting president of the BCB, signed the MoU.

“The agreement, which is effective from this date and for an indefinite period, consolidates the progress made in the use of digital assets as a viable and reliable alternative to traditional currencies, especially for families and small entrepreneurs,” the bank added.

The BCB also emphasized its commitment to developing policies that will modernize Bolivia’s financial system. These policies are designed to enhance financial inclusion, ensuring that more people have access to modern financial tools, including digital assets.

In addition to its focus on digital assets, the BCB remains focused on maintaining Bolivia’s economic and social stability. According to a Reuters report, the country is grappling with a severe economic crisis. 

Bolivia’s dollar reserves are thin, inflation rates are at a 40-year high, and there are widespread fuel shortages. In fact, these economic challenges even led the country to lift its cryptocurrency ban in June 2024.

The step has fueled crypto adoption. Citizens and small businesses are increasingly turning to cryptocurrencies and stablecoins such as Tether (USDT) for stability. That’s why in the past year, Bolivia has seen a significant increase in virtual asset transactions. 

On June 27, the BCB reported that the transactions grew from $46.5 million in the first half of 2024 to $294 million in the same period in 2025, totaling $430 million since the issuance of the crypto ban resolution in 2024.

This surge was primarily driven by individual users, who accounted for 86% of transactions. This trend highlights the growing reliance on digital assets as a store of value. It comes as the Bolivian boliviano (BOB) has lost nearly 50% of its value on the black market this year.

“The number of transactions in the financial system with virtual assets has increased by 12 times, reaching 10,193 transactions. This corresponds to transactions worth BOB 611 million as of May 31, 2025,” BCB noted.

Bolivia’s shift towards crypto adoption aligns with global trends. Countries such as Pakistan, South Korea, Singapore, and others are also exploring and expanding their digital asset ecosystems.

Top crypto platforms in the US
Coinbase Coinbase Explore
eToro eToro Explore
COCA wallet COCA wallet Explore
UpHold UpHold Explore
Moonacy Moonacy Explore
Top crypto platforms in the US
Coinbase Coinbase Explore
eToro eToro Explore
COCA wallet COCA wallet Explore
UpHold UpHold Explore
Moonacy Moonacy Explore
Top crypto platforms in the US
Coinbase Coinbase
eToro eToro
COCA wallet COCA wallet
UpHold UpHold
Moonacy Moonacy

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

kamina.bashir.png
Kamina Bashir
Kamina is a journalist at BeInCrypto, where she writes about all things crypto—think market trends, blockchain technology, regulatory shifts, and emerging trends in the digital asset world. With a gold medal in MBA International Business and extensive experience, she brings both expertise and clarity to her reporting. Previously at AMBCrypto, Kamina was responsible for writing and editing in-depth analyses, price predictions, AI and crypto blogs, and breaking news. She’s passionate about...
READ FULL BIO
Sponsored
Sponsored