With the launch of a custody service for Tether’s USDT stablecoin by Banco Bisa, one of the nation’s top banks, Bolivia has made significant progress in the adoption of cryptocurrencies. This new service provides a regulated channel for cryptocurrency transactions in Bolivia by enabling Banco Bisa customers to safely purchase, sell, and transfer USDT through the bank. Banco Bisa offers a service that allows customers to make international payments, transact with friends and family, and securely preserve their digital assets.
Supported by the Autoridad de SupervisiÃ3n del Sistema Financiero (ASFI), Bolivia’s financial regulatory body, this service fits in with the country’s recent move to embrace digital assets in a regulated setting. By guaranteeing that cryptocurrency transactions take place within the nation’s regulatory framework, this initiative seeks to reduce risks while offering users additional protection and transparency, according to ASFI representative Yvette Espinoza. Franco Urquidi, vice president of business at Banco Bisa, adds that customers must complete a verification process to increase safety, which aims to give them peace of mind by using dependable and secure transaction channels.
This action marks a substantial shift in Bolivia’s stance on cryptocurrency. The country first outlawed digital currencies in 2014, but in June 2024, a recent change in policy overturned the ban on Bitcoin and other cryptocurrencies.
The goal of this move was to strengthen Bolivia’s economy and align its regulatory approach with that of other Latin American nations where the use of cryptocurrencies is expanding quickly. Since the lifting of the restriction, digital asset trading in Bolivia has surged, with an average monthly volume of $15.6 million between July and September. Despite the lack of a formal tax policy for cryptocurrency transactions, this change demonstrates the nation’s growing acceptance of cryptocurrencies as a tool for economic emancipation.
Bolivia’s changing cryptocurrency scene, supported by programs like Banco Bisa’s USDT custody service, ushers in a new era of digital finance in the nation and makes it easier for people to use digital assets for both domestic and international transactions.
