Bolivia and El Salvador Join Forces to Promote the Drafting of Cryptocurrency Regulations and Regulatory Cooperation
Recently, the Central Bank of Bolivia (BCB) and the National Digital Assets Commission of El Salvador (CNAD) signed a cooperation agreement aimed at strengthening collaboration and information sharing, quickly reaching consensus, and jointly exploring the potential of international transactions.
According to the agreement, the National Digital Assets Commission of El Salvador (CNAD) will provide comprehensive cryptocurrency technical support and regulatory experience to the Central Bank of Bolivia (BCB), assisting the country in establishing a complete regulatory framework for digital assets.
This agreement, co-signed by the heads of both institutions, takes effect immediately and covers key areas of technical exchange such as blockchain intelligence tools and risk analysis.
The Central Bank of Bolivia stated that this move will accelerate the modernization process of the country's financial system and enhance financial inclusion. Data shows that since the enactment of the digital assets decree (Decree No. 082/2024) in 2024, the trading volume of digital assets in Bolivia has surged from $46.5 million in June last year to $294 million in June this year, demonstrating strong market demand.
As a pioneer in the digital asset sector in Latin America, El Salvador has achieved significant accomplishments in cryptocurrency applications since it passed the law making BTC legal tender in 2021. The country not only recognizes Bitcoin as legal tender but also utilizes geothermal energy from volcanoes to conduct Bitcoin mining operations.
According to the latest data from BitBo, the Salvadoran treasury currently holds 6,246 Bitcoins, valued at approximately $721 million. In addition, El Salvador's issuance of tokenized U.S. Treasury bonds through the Bitfinex platform, along with Tether's relocation of its business to the country, further establishes El Salvador's leading position in the field of digital asset regulation and application in Latin America.
In summary, the cooperation between the Central Bank of Bolivia and the National Digital Assets Commission of El Salvador not only injects new vitality into Bolivia's digital asset market but also provides new development ideas and financial models for the development of the digital economy in Latin America and even globally.
Some analysts believe that this cross-national collaboration model could offer beneficial insights for other emerging market countries, accelerating the maturity and development of the global digital asset ecosystem.
