Crypto adoption continues in the South American country of Bolivia as a major bank launched a custody service for Tether's USDt stablecoin.
Crypto adoption continues in the South American country of Bolivia as major bank, Banco Bisa, launched a custody service for Tether’s USDt stablecoin.
Banco Bisa will allow users to hold their assets, send them to relatives and make cross-border payments.
The service is supported by the Autoridad de Supervisión del Sistema Financiero (ASFI) - Bolivia’s financial regulator - which says that it will allow clients to carry out crypto transactions within the country’s regulatory framework and reduce the risks of unsafe interactions in the crypto market.
Yvette Espinoza from ASFI supported the bank’s offering.
Franco Urquidi, the vice president of business at Banco Bisa, said in the announcement that customers will go through a verification process to give them the “peace of mind” that their transactions are conducted safely.
The news comes after Bolivia banned crypto in 2014.
However, in recent times, the country has shown interest in exploring the potential of the industry. Earlier this year, the central bank announced that it was working on a set of rules for crypto transactions.
According to Banco Central de Bolivia, the move was made to elevate its economy and align its rules with other Latin American crypto regulations.
While Bolivia has softened its stance on cryptocurrency, the country has yet to implement a formal tax framework for crypto transactions.
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