USDT Custody Service Launched by Banco Bisa to Enhance Security and Usage in Transactions
Banco Bisa, one of Bolivia’s leading banks, has introduced an innovative custody service for the stablecoin USDT, issued by Tether. The main aim of this initiative is to enhance security for users and promote the use of USDT in international transactions.
Customers of Banco Bisa now have the convenience of buying and selling USDT directly through their bank accounts. The bank views this offering as a significant opportunity to expand the adoption and usage of USDT in the country. Moreover, this custody service is fully aligned with Bolivian financial regulations, ensuring a regulated and secure environment for the management of cryptocurrencies.
Franco Urquidi, the Vice President of Business at Banco Bisa, emphasized the importance of a thorough verification process for the bank’s users. This process includes know-your-customer (KYC) and anti-money laundering (AML) protocols, which are vital in guaranteeing the security and transparency of crypto transactions, according to Urquidi.
Notably, Banco Bisa’s recent move comes after the Bolivian government repealed its ban on Bitcoin, which had been in effect since 2014. This regulatory change, implemented in June 2024, is seen as a significant step towards boosting Bolivia’s digital economy and integrating the country into the growing Latin American cryptocurrency market.
Reports from the Bolivian central bank indicate that the volume of virtual asset trading experienced exponential growth following the lifting of the Bitcoin ban. Between July and September, the average monthly trading volume reached US$15.6 million, marking a 100% increase compared to previous months.
Disclaimer: The opinions expressed in this article, whether by the author or those mentioned, are solely for informational purposes and should not be construed as financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
Tags: Tether (USDT)