- Bolivia’s cryptocurrency adoption surged with small businesses integrating Bitcoin as a payment method, boosting digital transactions.
- The Central Bank of Bolivia reported a 100% increase in cryptocurrency activity, highlighting the growing acceptance among citizens.
In Bolivia, the integration of Bitcoin as a payment method by small businesses is marking a significant shift in the financial landscape. This movement has been particularly noted in Santa Cruz, a major city with a population of two million. Here, local enterprises are beginning to accept Bitcoin (BTC), following the path of El Salvador’s notable adoption of cryptocurrency.
The Central Bank of Bolivia (BCB) reported a 100% increase in cryptocurrency transactions in the last quarter alone, signaling a robust growth in digital currency usage within the country. A notable example of this adoption is a local burger shop in Santa Cruz named “Chiiitos,” which now accepts Bitcoin and USDT, a widely used stablecoin, for payments.
This shift towards crypto currencies was highlighted by a consumer on Instagram, who shared his experience of purchasing a burger using Bitcoin via the Lightning Network, a payment protocol that enables faster and cheaper transactions.
“Pay with cryptocurrencies and bitcoin in Bolivia!!! I had a delicious burger for 0.000035 btc or 3500 sats through the Lightning Network, but you can also pay with USDT.
@chiiitos_araguaney accepts and is located at Alameda Junin #157, steps from the first ring road in #Santacruz #Bolivia. What do you think? Should we support this type of innovation?” a consumer highlighted on his Instagram account.
The cost of the burger was 0.000035 BTC, or 3,500 satoshis. The consumer’s post also mentioned that other local snacks like “salchipapas” or “panchitos” could be bought with 1 or 2 USDT, showcasing the practical use of cryptocurrencies in everyday transactions.
The founders of “Chiiitos,” Johan Misler and his partner Marco Buezo, have been proponents of this digital shift since May. Misler’s personal experience with cryptocurrencies over the past two years influenced their decision to incorporate them as a payment method in their business.
“For those who think that cryptocurrencies may be used in the future, I tell you that we are already in the future, and you can already pay for everyday things with cryptocurrencies, such as a hamburger. I invite you to visit Chiiitos Araguaney, located on Alameda Junin street, number 517, First Ring, in Santa Cruz,” Pedro Rey, a consumer of the business, warned in a video.
Further fostering the cryptocurrency environment, Banco Bisa, a leading financial institution in Bolivia, recently launched a cryptocurrency custody service. This service allows clients to transact with USDT, providing a stable value for international payments or remittances.
This burgeoning interest in cryptocurrencies is backed by the government’s support, with Bolivian President Luis Arce acknowledging the adoption of digital currencies in response to a dollar shortage.
This move is seen as a significant step not only in attracting foreign capital but also in modernizing the national financial system.
The increasing acceptance of cryptocurrencies in Bolivia illustrates a broader trend of crypto financial integration, suggesting that for many Bolivians, the future of everyday transactions may indeed lie in crypto currencies.
