Bolivia is taking another step forward in crypto adoption. Banco Bisa, a major Bolivian bank, has launched a Tether USDT custody service.
This allows its clients to buy, sell, and transfer the stablecoin. The move aligns with Bolivia’s evolving stance on digital assets after its earlier ban on cryptocurrency.
Banco Bisa Introduces Tether USDT Custody Service
According to a local news outlet, the USDT custody service allows customers to hold, buy, sell, and transfer Tether directly through the bank.
It offers a secure and regulated option for users looking to enter crypto. With this new service, Banco Bisa allows users to store their USDT and make transactions.
They can also send assets to family members or use the stablecoin for cross-border payments. This could be a breakthrough in making crypto services more accessible in Bolivia.
The bank’s vice president, Franco Urquidi, assured customers that safety remains a priority.
He emphasized the importance of going through a verification process. This ensures that users can transact securely while following the country’s regulatory rules.
Regulatory Support for Crypto Transactions
Bolivia’s financial regulator, the Autoridad de Supervisión del Sistema Financiero (ASFI), fully backs Banco Bisa’s new service.
Yvette Espinoza from ASFI highlighted how this service provides a safer way for users to deal with cryptocurrencies. By working within the legal framework, customers reduce their exposure to risks often associated with unregulated crypto markets.
This support shows a significant shift in Bolivia’s attitude towards digital currencies. While crypto was once seen as a threat, the country is now integrating it into its financial system.
The goal seems to be balancing innovation with safety, allowing more people to access these services without worrying about legal uncertainties.
From Ban to Adoption: Bolivia’s Evolving Stance
Bolivia once banned cryptocurrency transactions back in 2014. The government prohibited all currencies not issued or regulated by the central authority.
“It is illegal to use any kind of currency that is not issued and controlled by a government or an authorized entity,” said the announcement.
At that time, the central bank expressed concern that cryptocurrencies, like Bitcoin, could destabilize the local economy.
They also worried that citizens might lose money due to the volatility of digital assets. This move seemed to protect Bolivian citizens and, of course, its national currency.
However, in 2024, Bolivia began to reverse its earlier ban on cryptocurrencies. On June 28, the Bolivian government officially lifted restrictions on Bitcoin and other digital payments. This marked a turning point for the nation, aligning it with the growing crypto movement in other parts of Latin America.
El BCB, en coordinación con la ASFI y la UIF, a fin de modernizar el sistema de pagos, emite la Resolución de Directorio 084/2024, respecto al uso de los Activos Virtuales.
Lee la nota completa: https://t.co/37Zpgg0V62#UnPaísUnidoEsUnPaísFuerte #ElBCBGarantíaDeLaEstabilidad pic.twitter.com/PX1uai8BeY
— Banco Central de Bolivia (@BancoCentralBO) June 26, 2024
However, the Bolivian central bank clarified that digital currencies are not considered legal tender. Meanwhile, the Bolivian Central Bank has reported increased activity since lifting the ban.
Between July and September, an average of $15.6 million in crypto was traded monthly. The report added that the BCB is making it easy for everyone in the region to use cryptocurrencies. The rise in activity reflects the growing interest and potential for the Bolivian crypto market.
With the launch of Banco Bisa’s USDT custody service, Bolivia’s commitment to integrating crypto into its financial system is evident. The service opens up more opportunities for Bolivians to transact with stablecoins and strengthens trust in crypto services.
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Publish date : 2024-10-28 15:38:00
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