Bisa Bank launches USDT stablecoin service in Bolivia, offering secure transactions, flexible holdings, and promoting financial literacy amid dollar shortages.
Bisa Bank, Bolivia’s fourth largest bank, has introduced a stablecoin service. This service allows users to buy, sell, and hold USDT. All transactions are required to go through the bank’s accounts. Customers must also complete a strict identity verification process.
The adoption of stablecoins in Bolivia marks a significant financial shift. The launch of USDT services is not just a new feature; it responds directly to the ongoing dollar shortage. Currently, USDT is valued more in parallel than the legal market. After the recent liberalization on crypto, the usage of cryptocurrency has risen by 100% and so stablecoins act as an inflation hedge. This action makes Bolivia more inclined to accept digital assets during the difficult economic period, which may set the pace in Latin America.
Banco Bisa to Offer Secure Virtual Asset Custody Service
Banco Bisa wants to offer a secure custody service for virtual assets. Franco Urquidi, the Vice President of Business, also assured us that all transactions would only be done through the bank, which increases the level of security. Any USDT funds can be held for as long as the client wants. This flexibility helps in matters involving cross-border payments and remittances to relatives. In this regard, Urquidi added that the bank intends to incorporate much more in future functionalities.
USDT, or Tether, is an asset intended to have a stable value equal to one US dollar. It is stable due to its dollar backing. It is also said that every USDT claims to be backed with a USD in Tether Limited.
In addition, The Financial System Supervision Authority (ASFI) director Yvette Espinoza has supported Banco Bisa’s campaign. She said this was within a secure regulatory framework, making the bank one of the pioneers in the industry. As Espinoza said, “This custody service will enable clients to transact safely, eradicating risk in the cryptocurrency market.”
Banco Bisa Leads Innovation in Bolivia’s Crypto Scene
Urquidi stressed that there is a lack of financial literacy when using virtual assets. The bank has secured relationships with other international custody and exchange companies. These alliances help protect data and eradicate unlawful deeds. He continued, “Our clients undergo a tough verification process,” which enhanced transaction security.
The service is also cheap. Purchases of USDT begin at 200 USDT with the maximum daily purchase of 10,000 USDT. Prices are between 35 and 100 bolivianos, depending on the transaction amount. In this way, sending money to dollar accounts in other countries costs Bs 280, which is cheap for international wire transfers.
With ASFI allowing other financial entities to offer virtual asset services, Banco Bisa is an innovative leader in Bolivia. Ultimately, the bank is committed to educating users about the benefits and risks of cryptocurrencies.
