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In a groundbreaking move for Bolivia’s financial sector, Banco Bisa has introduced a custody service for Tether (USDT), marking a significant step in the country’s evolving approach to cryptocurrency. This service enables Banco Bisa’s clients to securely buy, sell, and transfer USDT, providing Bolivians with new avenues for cross-border payments and asset management within the bank’s regulated framework.
The service has received an official endorsement from Yvette Espinoza of Bolivia’s financial regulatory body, Autoridad de Supervisión del Sistema Financiero (ASFI). Espinoza highlighted the service as a way to facilitate safer crypto transactions, mitigating risks often associated with unregulated exchanges. The bank’s vice president of business, Franco Urquidi, emphasized that each customer will undergo a thorough verification process to ensure transaction security and regulatory compliance.
Bolivia’s crypto landscape has seen a marked shift since 2014, when all non-government-issued digital currencies, including Bitcoin, were banned. However, the country revised its stance in 2024, lifting the ban on Bitcoin and digital asset transactions to enhance economic opportunities and align with Latin American crypto norms. Since then, Banco Central de Bolivia has reported an average of $15.6 million in monthly crypto transactions, reflecting a 100% increase in virtual asset trading since the policy change.
Though Bolivia has not yet formalized a tax policy for crypto transactions, Banco Bisa’s USDT service underscores the nation’s pivot towards a more crypto-friendly environment. This move positions Bolivia as a growing hub for digital asset innovation within the region.
