Bolivia’s Banco Bisa has introduced custody services for Tether’s USDt stablecoin, allowing customers to buy, sell and transfer assets within a regulated framework.
This new service marks a step forward in Bolivia’s cryptocurrency landscape, which has previously imposed strict restrictions on digital assets. Banco Bisa’s service allows users to hold USDt and use it for various transactions, such as cross-border payments and sending money to family members.
Bolivia’s financial regulator, Banco Bisa, said Autoridad de Supervisión del Sistema Financiero (ASFI) is supporting custodial services. ASFI’s Yvette Espinoza said the initiative “allows customers to carry out crypto transactions within the country’s regulatory framework,” thereby minimizing the risks associated with unregulated crypto transactions.
Banco Bisa noted that users must undergo an authentication process to ensure safe operations, providing what the bank calls “peace of mind” to customers engaged in crypto-related activities. Ta.
Banco Bisa has introduced pricing for its services starting with a minimum purchase amount of 200 USDT and a daily transaction limit of 10,000 USDT. Transaction fees for cryptocurrency sales range from 35 to 100 Bolivianos ($5 to $14.5) depending on the amount, and cross-border transfers to dollar accounts incur a fee of 280 Bolivianos ($40.5).
Bolivia’s approach to cryptocurrencies has evolved since its first ban in 2014, targeting digital currencies not issued or regulated by Bolivian authorities, particularly Bitcoin.
At the time, Bolivia’s central bank cited potential economic losses and concerns about protecting the country’s currency as reasons for the ban. However, recent regulatory adjustments have opened the door to more formalized cryptocurrency activity.
On June 28, 2024, Bolivia officially lifted its ban on Bitcoin and other digital currencies, allowing financial institutions to engage with these assets.
After the policy change, Bolivia’s central bank reported a 100% increase in virtual asset trading, with an average monthly trading volume of $15.6 million from July to September.
Banco Bisa’s new offering complies with the latest in these regulations and provides a structured pathway for customers to participate in the growing crypto market under regulated conditions.
This development comes as Latin American countries increase their adoption of cryptocurrencies. Argentina, for example, had an estimated $91 billion in crypto deposits from July 2023 to June 2024, partly due to stablecoin transactions aimed at combating economic challenges such as inflation. It is thought that this contributed to the
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Lawrence does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu Cryptocurrency Project. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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