Originally published on: October 28, 2024
In a powerful move towards crypto adoption, a leading bank in Bolivia has unveiled a new custody service for Tether’s USDT stablecoin. Banco Bisa’s announcement of this service marks a significant step forward in the country’s crypto journey.
The custody service offered by Banco Bisa enables clients to engage in buying, selling, and transferring cryptocurrencies through the bank. This development opens up opportunities for users to securely hold their assets, facilitate cross-border payments, and even send funds to relatives.
Yvette Espinoza from Bolivia’s financial regulator, Autoridad de Supervisión del Sistema Financiero (ASFI), has expressed support for Banco Bisa’s initiative. She emphasized that this service allows clients to conduct crypto transactions within the country’s regulatory framework, minimizing risks associated with unsafe market interactions.
Franco Urquidi, the Vice President of Business at Banco Bisa, highlighted the verification process that customers will undergo. This process aims to provide clients with peace of mind, ensuring the safety and legality of their transactions.
Bolivia’s stance on cryptocurrencies has evolved over the years. In 2014, the country banned cryptocurrencies, including Bitcoin, to protect its currency and citizens from potential financial risks. However, in 2024, Bolivia lifted its ban on BTC and crypto payments, signaling a shift towards embracing digital assets.
Since lifting the ban, Bolivia has seen a significant increase in virtual asset trading. The country’s central bank reported a 100% rise in crypto trading, with an average of $15.6 million in crypto being traded monthly between July and September.
Despite these developments, Bolivia has yet to establish a formal tax framework for crypto transactions. As the country continues its crypto journey, it is essential to monitor how regulations and policies evolve to support the growing digital asset market.
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