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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
