Bolivia Embraces Crypto adoption with a local bank’s launch of a USDT custody service, providing secure asset management and signaling growing acceptance of digital currencies.
Bolivia continues to Embraces cryptocurrency acceptance, with a major bank launching a custody service for Tether’s USDt stablecoin. Banco Bisa, a Bolivian bank, has established a custody service for USDt (USDT$0.9991), enabling clients to purchase, trade, and transfer cryptocurrency. Banco Bisa stated that the service will allow customers to save their assets, transmit them to relatives, and make cross-border payments.
Bolivia’s financial regulator supports new service
Yvette Espinoza of the Autoridad de Supervisión del Sistema Financiero (ASFI), Bolivia’s financial regulator, praised the bank’s product, claiming that it allows clients to conduct cryptocurrency transactions inside the country’s regulatory framework. According to the regulator, this decreases the possibility of hazardous contacts in the cryptocurrency market.
Franco Urquidi, Banco Bisa’s vice president of business, stated in the release that consumers would go through a verification procedure to offer them “peace of mind” that their transactions are secure.
Bolivia banned crypto in 2014
In 2014, Bolivia Embraces Crypto Prohibited cryptocurrencies that were not issued or regulated by the government.
The nation clarified that it was prohibited to utilize Bitcoin (BTC$68,851) within the country. The central bank stated that this was done to defend the country’s currency and prevent citizens from losing money owing to unregulated currencies.
Bolivia changes stance on crypto assets
However, Bolivia began to change its attitude on cryptocurrency in 2024. Bolivia overturned its prohibition on bitcoin and cryptocurrency payments on June 28, enabling financial firms to interact with digital assets.
According to the Banco Central de Bolivia, the decision was taken to boost the country’s economy and harmonize its policies with other Latin American cryptocurrency legislation.
On September 27, the country’s central bank reported a 100% increase in virtual asset trading following lifting its prohibition on Bitcoin and cryptocurrency payments. Between July and September, the bank recorded an average monthly trading volume of $15.6 million in cryptocurrency.
While Bolivia has changed its attitude on bitcoin, it has yet to establish a proper tax structure for crypto transactions.
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