The purchase, sale, transfer and custody of the assets will be in the hands of the bank.
The service allows the use of USDT on an expanded basis in Bolivia, according to the bank.
Banco Bisa, the fourth largest bank in Bolivia, announced the incorporation of a service for cryptocurrencies, specifically with USDT, Tether’s stablecoin. This service will allow Bolivians to buy, sell and transfer these crypto assets.
The Vice President of Business of Banco Bisa, Franco Urquidi, Indian that all transactions with USDT must be made to and from an account at Banco Bisa“thus ensuring a high level of security.”
The new service offers customers the ability to hold funds in USDT for as long as they wish, make payments abroad and even send money to family members studying abroad. “The sky is the limit,” Urquidi commented, referring to the USDT transactions that the bank will support.
According to the platform data, the minimum purchase amount is 200 USDT and the daily maximum allowed is 10,000 USDT, without this operation generating any cost for customers; However, when making a sale, transactions of up to 5,000 USDT have a cost of 35 bolivianos, while for amounts greater than 5,000 USDT, the cost rises to 100 bolivianos.
Urquidi also exemplified that if a client wants to transfer their USDT to a dollar account abroad to pay suppliers or cover their child’s university expenses, the total cost would be 280 bolivianos.
The service is now enabled and can be accessed directly from the website from the bank. To open a CriptoBisa, which is the bank account to operate with USDT, it is necessary to provide personal data such as ID, phone number, email and other information required by the bank.
Urquidi also highlighted the importance of financial education in the use of virtual assets. To this end, he said that Bisa established strategic alliances with international custody companies and exchanges, ensuring data protection and prevention of illicit activities.
“Our customers go through a rigorous verification process, giving them peace of mind that their transactions are carried out through secure and reliable channels,” he said.
During the announcement, the director of the Financial System Supervision Authority (ASFI), Yvette Espinoza, also participated, who supported the initiative. “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.
Cryptocurrency adoption in Bolivia is booming
The launch of the Banco Bisa platform occurs at a time when the cryptocurrency ecosystem is booming in Bolivia, as a result of the lifting of the ban by the central bank, as reported by CriptoNoticias.
This lift allows banks to carry out cryptocurrency transactions through authorized electronic channels. According to the Central Bank of Bolivia, cryptocurrency operations in the country grew 100% in three months, with stablecoins, such as USDT, being the largest use case.
Estimates suggest that Bolivia could become one of the Latin American countries with the highest adoption of cryptoassets. Representative Mariela Baldivieso told CriptoNoticias that “soon we are going to be on the lists at a much more important moment, perhaps first or second in Latin America, because we are merchants at heart.”
This step by Banco Bisa not only marks a milestone in the integration of cryptocurrencies into the Bolivian financial system, but also reflects a growing trend towards the adoption of these digital assets in the region.
This article was created using artificial intelligence and edited by a human Editor.
