Bolivian bank Banco Bisa launches USDT custody service

Banco Bisa has unveiled a custody service for the USDT stablecoin, marking a significant step towards the mainstream adoption of cryptocurrencies in Bolivia.

This new offering allows clients to securely buy, sell, and transfer USDT, enabling them to hold their assets, make international payments, and send money to family members abroad.

The cost of the service is designed to be accessible

Franco Urquidi, Vice President of Business at Banco Bisa, emphasized that all transactions will be conducted through accounts at the bank, ensuring a high level of security for users.

“The sky is the limit,” he remarked, alluding to the potential future functionalities the bank plans to introduce in the realm of virtual assets.

The custody service positions Banco Bisa as a pioneer in Bolivia, supported by the country’s financial regulator, the Autoridad de Supervisión del Sistema Financiero (ASFI), which has welcomed the initiative as a means of reducing risks associated with unsafe crypto interactions.

The adoption of USDT, a stablecoin designed to maintain its value at parity with the US dollar, is seen as a key player in the transformation of Bolivia’s financial ecosystem.

Each USDT in circulation is purportedly backed by a dollar held in reserves by Tether Limited, the issuing company, which contributes to its price stability.

This makes USDT an attractive option for individuals and businesses looking to engage with digital assets while minimizing exposure to volatility.

Yvette Espinoza, the director of ASFI, reiterated the importance of regulatory frameworks in fostering confidence among users.

“This is a custody service that will allow clients to carry out various operations safely,” she stated, highlighting Banco Bisa’s commitment to ensuring secure transactions.

The bank has also established strategic partnerships with renowned international custody and exchange companies to enhance data protection and prevent illicit activities.

The cost of the service is designed to be accessible, with the purchase of USDT starting at a minimum of 200 USDT and daily limits reaching up to 10,000.

Transaction fees range from 35 to 100 bolivianos, while international transfers to dollar accounts cost Bs 280, making it an appealing choice for those seeking to leverage cryptocurrencies for cross-border payments.

Crypto adoption in Bolivia

As Bolivia continues to evolve its stance on cryptocurrencies—having lifted its ban on BTC and crypto payments earlier this year—the central bank reported a 100% increase in virtual asset trading since the ban was lifted.

This shift reflects the growing acceptance of digital currencies and the desire to align Bolivia’s regulations with those of its Latin American counterparts.

Banco Bisa’s launch of the USDT custody service not only paves the way for innovative financial solutions in Bolivia but also underscores the bank’s dedication to user education.

As Urquidi noted, “The future looks bright for those looking to explore the world of cryptocurrencies in Bolivia.”

The post Bolivian bank Banco Bisa launches USDT custody service appeared first on Invezz