Bolivia Embraces Cryptocurrency with Launch of USDT Custody Service
A South American nation is paving its way to becoming a leader in cryptocurrency adoption. Bolivia, known for its rich cultural heritage, is making strides in the digital currency space as one of its prominent banks, Banco Bisa, has launched a custody service for Tether’s stablecoin, USDT.
This initiative allows Bolivians to trade digital currency, marking a significant shift in the country’s financial landscape.
The new custody service enables Banco Bisa’s clients to securely buy, sell, and hold USDT within a regulated framework, making it the third neighboring country to Brazil and Argentina to embrace cryptocurrencies. Franco Urquidi, Vice President of Banco Bisa, emphasized the focus on security, ensuring that all transactions are conducted within the bank’s accounts to maintain oversight and control. The rigorous client verification process further bolsters the safety of this new offering.
The Autoridad de Supervisión del Sistema Financiero (ASFI), Bolivia’s financial regulatory authority, supports this venture, highlighting its potential to provide Bolivians with investment opportunities in the crypto market while adhering to established financial regulations designed to mitigate risks.
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It’s noteworthy that Bolivia had previously banned cryptocurrencies in 2014, restricting the use of unregulated currencies. However, ten years later, authorities have reassessed this position, recognizing the global shift toward digital assets. The state-run Banco Central de Bolivia has defended this policy change, stating that it aims to align with Latin American crypto regulations and stimulate economic growth through new investment avenues.
The interest in cryptocurrencies is rising across South America, with user statistics showing a 16% increase from 2020, up from just 6% in 2017. El Salvador has notably made headlines by adopting Bitcoin as its official national currency to enhance its financial sector, further illustrating the growing acceptance of digital currencies in the region.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
