Bolivia-based Banco Bisa has begun offering Tether stablecoin USDT custody. Customers can now buy, sell, and trade USDT through the bank, making Bolivia one of the first countries to embrace crypto.
This news about USDT custody will assist Bolivians in engaging in digital assets. Read on to understand this better.
Banco Bisa’s New USDT Custody Service
Banco Bisa is happy to announce the new generation of its USDT custody service. The new service lets users save, trade, and even cross-border transfer USDT. This option through a regulated bank incorporates extra security measures into the transaction.
Customers will use the identification number approved by the VP of Business of Banco Bisa , Franco Urquidi, to prove that they conduct legal business. This extra layer of security is for those with concerns about certain threats.
🇧🇴 JUST IN: Bolivia’s third-largest bank, Banco Bisa, launches $USDT custody, allowing clients to buy, sell, and transfer the stablecoin. pic.twitter.com/YcAoLoRFvr
— Cointelegraph (@Cointelegraph) October 28, 2024
Regulatory Backing in Bolivia
The Bolivian financial regulator ASFI has endorsed this change of tactics towards crypto. An ASFI representative and a spokesperson for Yvette Espinoza added that Banco Bisa’s service complies with Bolivian laws. The goal? To offer a favorable environment for crypto users without putting them through a volatile market.
From Crypto Ban to Adoption
Bolivia has been an opponent of crypto since 2014. It banned Bitcoin and other digital currencies to safeguard its people and currency. However, in 2024, Bolivia changed its heart. It removed the ban and permitted only centralized, regulated financial institutions to deal with cryptocurrencies. This decision eased the entry of institutions such as Banco Bisa, which facilitated interest in USDT custody in Bolivia.
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