Bolivian bank Banco Bisa has launched a stablecoin custody service that allows customers to buy, sell, and transfer USDT.
Crypto adoption is advancing in Bolivia as a prominent bank, Banco Bisa, has introduced a custody service for the USDt stablecoin.
Banco Bisa announced that this new service would enable its clients to buy, sell, and transfer crypto directly through the bank.
The service allows users to hold assets, send them to family members, and make cross-border payments.
Bolivia’s Financial Regulator Endorses the New Service
Yvette Espinoza from the Autoridad de Supervisión del Sistema Financiero (ASFI), Bolivia’s financial regulator, expressed support for the bank’s offering, highlighting that it permits crypto transactions within Bolivia’s regulatory framework, thereby reducing the risks associated with unregulated crypto activities.
Franco Urquidi, Banco Bisa’s vice president of business, stated that clients would undergo a verification process to ensure “peace of mind” that transactions are safe.
Bolivia’s 2014 Crypto Ban
Bolivia banned cryptocurrencies in 2014, prohibiting the use of any currency not issued or regulated by the Bolivian government.
The central bank at the time clarified that using Bitcoin was illegal, aiming to protect Bolivia’s currency and citizens from potential losses due to unregulated currencies.
Bolivia Shift Stance on Crypto Policy
In 2024, Bolivia began rethinking its stance on crypto. On June 28, the country lifted its ban on Bitcoin and crypto payments, allowing financial institutions to engage in digital asset transactions.
According to the Banco Central de Bolivia, this decision aimed to stimulate the economy and align with other Latin American crypto regulations.
By September 27, the central bank reported a 100% increase in virtual asset trading since lifting the ban, with an average of $15.6 million in monthly crypto trades between July and September.
While Bolivia has relaxed its stance, a formal tax framework for crypto transactions has yet to be established.
