Bolivia’s Banco Bisa Pioneers USDT Custody in Post-Ban Era
Banco Bisa has become the country’s first regulated bank to offer cryptocurrency services, launching a custody solution for the USDT stablecoin. The service, announced last week, enables clients to buy, sell, and transfer the digital asset through their bank accounts.
The development comes just months after Bolivia lifted its nine-year cryptocurrency ban in June 2024, marking a dramatic shift in the nation’s approach to digital assets. According to the country’s central bank, virtual asset trading has surged 100% since the ban was lifted, with monthly trading volumes averaging $15.6 million between July and September.
Franco Urquidi, Banco Bisa’s vice president of business, emphasized the security measures surrounding the new service. “Our clients undergo a rigorous verification process, ensuring their transactions are conducted through secure and reliable channels,” he stated. The bank has established partnerships with international custody providers and exchanges to strengthen its security infrastructure.
The service comes with specific transaction parameters: customers can trade between 200 and 10,000 USDT daily, with fees ranging from 35 to 100 bolivianos ($5-14). International transfers to dollar accounts incur a fee of 280 bolivianos ($40), positioning the service as a competitive option for cross-border payments.
Bolivia’s financial regulator, the Autoridad de Supervisión del Sistema Financiero (ASFI), has thrown its support behind the initiative. ASFI director Yvette Espinoza praised the service, noting that it allows customers to engage with cryptocurrency markets within a regulated framework, reducing the risks associated with unregulated crypto transactions.
The launch comes at a crucial time for Bolivia, as the country recently experienced its highest inflation rate in nearly a decade, driving increased demand for U.S. dollar-pegged assets. While Bolivia maintains a relatively modest presence in Latin America’s crypto landscape compared to neighbors like Brazil and Argentina, Banco Bisa’s initiative could signal the beginning of broader institutional adoption in the country’s financial sector.
