Major Bolivian Bank Launches USDT Custody Service

Banco Bisa, a leading financial institution in Bolivia, has introduced a new custody service for Tether’s USDT stablecoin, enabling clients to buy and sell cryptocurrency.

Innovative Custody Service

According to local media reports, Banco Bisa officially launched this service to provide secure storage for virtual assets, specifically the Tether stablecoin (USDT). The service allows clients to hold USDT funds, transfer them, and make international payments using the stablecoin.

Security and Verification

Franco Urquidi, Vice President of Business at Banco Bisa, emphasized that all USDT transactions must be conducted through accounts registered at Banco Bisa, ensuring security for the holders. He also highlighted the importance of educating Bolivians on the use of digital assets.

To enhance security, Banco Bisa has partnered with international custodians and crypto exchanges. The bank has also implemented stringent measures to protect data and prevent illicit activities.

“Our clients go through a rigorous verification process, which gives them peace of mind that their transactions are carried out through secure and reliable channels,” said Urquidi.

Service Fees and Limits

Banco Bisa offers USDT transactions starting from a minimum of 200 USDT up to a daily limit of 10,000 USDT. The service fee for these transactions ranges from 35 BOB to 100 BOB (approximately $4.90 to $14.00), depending on the amount. For clients transferring USDT to dollar accounts abroad, the fee is 280 BOB ($39.20).

Regulatory Approval

Yvette Espinoza, a representative from Bolivia’s financial regulator Autoridad de Supervisión del Sistema Financiero, has endorsed the bank’s crypto custody offering. She noted that the service enables clients to perform crypto transactions in line with Bolivia’s regulatory framework.

“This is a custody service that will allow clients to carry out various operations safely, reducing the risk of unsafe interactions in the cryptocurrency market,” said Espinoza.

Changing Regulatory Landscape

In 2014, Bolivia banned the use of cryptocurrencies, making it illegal to use Bitcoin within the country. The regulators prohibited all currencies not issued or regulated by the Bolivian government. However, on June 28, Bolivia lifted the ban on Bitcoin and other forms of cryptocurrency, paving the way for financial institutions to offer services involving digital assets.

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