Investing.com -- Bolivia’s central bank confirmed a sharp rise in digital asset transactions on Friday, matching a trend of Bolivians using crypto as protection against the weakening boliviano currency.

New data from the Bolivian central bank shows transactions using Electronic Payment Channels and Instruments for Virtual Assets jumped over 530%, from $46.5 million in the first half of 2024 to $294 million in the same period of 2025.

The figures revealed monthly transactions reached a record $68 million in May.

"These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement.

Bolivia had banned cryptocurrencies until June 2023. Since lifting the prohibition, transaction volumes have reached $430 million across more than 10,000 individual operations, according to the central bank.

The Bolivian government is now developing a "comprehensive regulatory framework for financial technology companies" that follows international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added.

Many Bolivians have turned to crypto exchanges like Binance and stablecoins such as Tether as protection against local currency depreciation.

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