Bolivian bank Banco Bisa launches USDT custody service

Major Bolivian bank Banco Bisa has launched a custody service for Tether’s USDT stablecoin, allowing customers to buy and sell crypto.

According to local media El Deber, Banco Bisa has officially launched a custody service for virtual assets, especially Tether (USDT) stablecoin USDT. The custody service offered by Banco Bisa allows customers to hold funds in USDT as well as transfer funds and make payments abroad using stablecoins.

Banco Bisa Chief Operating Officer Franco Urquidi said that all USDT transactions must be made from an account registered at Banco Bisa, thus guaranteeing the security of account holders.

He emphasized the importance of providing broader training to Bolivians on the use of digital assets. To ensure security, the bank has partnered with international custodians and crypto exchanges. The firm has also taken further steps to tighten data protection and prevent illegal activities.

“Our customers go through a stringent verification process that gives them peace of mind that their transactions are being processed through safe and reliable channels,” Urquidi said.

In addition, the bank offers USDT facilities starting from a minimum of 200 USDT and up to a daily limit of 10,000 USDT. For transactions made in USDT, the bank charges a service fee from 35 BOB to 100 BOB, or from $4.90 to $14.00, depending on the amount. Meanwhile, customers who want to transfer via USDT to their dollar accounts abroad are charged 280 BOB ($39.20).

Yvette Espinoza, a representative of Bolivia’s financial regulator, the Autoridad de Supervisión del Sistema Financiero, approved the bank’s crypto custody offer. He noted that the service allows customers to make crypto transactions in accordance with Bolivia’s regulatory framework.

“This is a custody service that will allow customers to safely conduct various transactions and reduce the risk of unsafe interactions in the cryptocurrency market,” Espinoza said.

In 2014, Bolivia banned the use of cryptocurrencies, declaring that the use of Bitcoin within the country was illegal. Regulators have banned all currencies that are not issued or regulated by the Bolivian government.

However, on June 28, Bolivia lifted the ban on BTC and other types of cryptocurrencies, which opened the door for financial institutions to offer services that deal with digital assets.