Bolivian bank Bisa has recently launched a custody service for USDT, Tether’s stablecoin. As reported by Economía ED, this initiative allows users to buy, sell, and transfer crypto assets directly through the bank. Many people will likely take advantage of this opportunity to send money to family and make cross-border payments.

Yvette Espinoza, an executive of Bolivia’s Financial System Supervision Authority (ASFI), expressed her support for the bank’s initiative, noting that it will allow clients to conduct crypto transactions in a regulated environment.

“This custodial service will allow clients to perform transactions safely, reducing risks associated with unsafe interactions in the crypto market”.

Franco Urquidi, Bisa’s vice president of business, highlighted that all transactions must be made exclusively through a bank account and stressed the importance of financial education in using virtual assets.

“Our customers go through a comprehensive verification process, providing them peace of mind that their transactions are conducted through secure and reliable channels”.

• We suggest you take a look: Bolivia Lifts Crypto Ban: The Dawn of a New Era.

According to the bank, Tether sales start at 200 USDT, with a daily limit of 10,000 USDT. Fees range from 35 to 100 bolivianos, approximately $5 to $14.50. Additionally, sending transfers to dollar accounts abroad costs 280 bolivianos.

In 2014, Bolivia banned any currency not issued or regulated by the government, explicitly including Bitcoin. This decision, announced by the Central Bank, aimed to protect the national currency and shield citizens from the financial risks posed by unregulated currencies.

However, on June 28, Bolivia changed its course and lifted the BTC ban, urging banks to facilitate crypto transactions. The Central Bank explained that this move was essential to boost the economy and align the country’s regulations with those of other nations in the region.

After the regulatory change, the Central Bank of Bolivia noted an impressive 100% increase in crypto trading activity. Between July and September, monthly crypto transactions averaged $15.6 million.

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