Bisa Bank in Bolivia Launches USDT Custody Eases Cryptocurrency Policies Achieves Trading Volume of 156 Million
Bolivia, South America has gradually relaxed its policies on cryptocurrencies this year, despite a comprehensive ban on them since 2014. Bisa Bank, the fourth-largest bank in the country, has recently launched custody services for the stablecoin USDT. Let’s take a look at Bolivia’s transformation from prohibition to openness towards cryptocurrencies.
In 2014, Bolivia’s government completely prohibited the use of Bitcoin and other cryptocurrencies, citing the high risks associated with decentralized currencies that could potentially harm the national fiat currency system and investor interests. The Central Bank of Bolivia expressed concerns that the volatility and unregulated nature of cryptocurrencies could lead to asset losses for the public, thus prohibiting the circulation of all non-government-issued cryptocurrencies.
However, this year, Bolivia’s stance has changed, and on June 28th, it officially lifted the ban on Bitcoin and other cryptocurrency payments, allowing financial institutions to engage in cryptocurrency transactions. The Central Bank of Bolivia stated that this move aims to promote economic development and align with other Latin American countries in gradually establishing a regulatory framework for cryptocurrencies.
Following the relaxation of the policy, the volume of digital asset transactions has significantly increased. Reports indicate that the average monthly cryptocurrency transaction amount reached $15.6 million between July and September this year, demonstrating strong market demand.
Bisa Bank, the fourth-largest local bank, has recently introduced custody services for the stablecoin USDT, enabling customers to buy, sell, and transfer cryptocurrencies, as well as providing cross-border payments and asset transfers. Bisa Bank ensures that all users go through strict verification processes to ensure transaction security.
The Bolivian Financial Authority (ASFI) also expressed support for Bisa Bank’s cryptocurrency custody services, believing that it complies with local regulations and helps mitigate risks in the cryptocurrency market while safeguarding investment rights.
