Bolivia’s Banco Bisa has recently introduced a new service that allows clients to buy and sell the USDT stablecoin, a type of cryptocurrency. This service enables clients to hold funds in USDT, make transfers, and conduct international payments using the stablecoin. Franco Urquidi, Vice President of Business at Banco Bisa, emphasized the importance of educating Bolivians on digital assets and ensuring the security of transactions. To enhance security, the bank has partnered with international custodians and crypto exchanges, as well as implemented measures to prevent illicit activities.
Clients interested in using USDT can start with a minimum of 200 USDT and have a daily limit of 10,000 USDT. The bank charges a service fee for USDT transactions, ranging from 35 BOB to 100 BOB (approximately $4.90 to $14.00) depending on the amount. Additionally, clients making transfers with USDT to dollar accounts abroad will incur a fee of 280 BOB ($39.20). Yvette Espinoza, a representative from Bolivia’s financial regulator, approved of Banco Bisa’s crypto custody service, stating that it aligns with Bolivia’s regulatory framework and enhances the safety of crypto transactions.
It is worth noting that Bolivia previously banned the use of cryptocurrencies in 2014, including Bitcoin, as they were not issued or regulated by the Bolivian government. However, on June 28, Bolivia lifted the ban on BTC and other forms of crypto, allowing financial institutions to provide services related to digital assets. This move marked a significant shift in Bolivia’s stance towards cryptocurrencies and opened up opportunities for the integration of digital assets into the country’s financial ecosystem.
The introduction of Banco Bisa’s USDT custody service signifies a step towards embracing the potential of cryptocurrencies in Bolivia. By offering a secure platform for clients to engage in crypto transactions, the bank is not only catering to the evolving needs of customers but also contributing to the broader adoption of digital assets in the country. As the regulatory landscape continues to evolve, initiatives like this will play a crucial role in shaping Bolivia’s approach to cryptocurrencies and blockchain technology.
