Use of USDT expands possibilities in Bolivia

Banco Bisa, Bolivia's fourth largest bank, announced the expansion of its services with the incorporation of USDT, a stablecoin linked to the dollar. Bolivian customers can now buy, sell, transfer and hold funds in USDT directly at the bank.

This new functionality allows users to explore the world of cryptocurrencies in a broader and safer way. Furthermore, it reinforces the trend towards adoption of digital assets in Bolivia.

According to Franco Urquidi, Vice President of Business at Banco Bisa, the service aims to offer customers a practical and safe way to operate with USDT.

“All transactions with USDT must take place from an account at Banco Bisa itself, which guarantees a high level of security,” declared Urquidi.

In order to guarantee even more protection, the bank has entered into strategic partnerships with international custody companies and exchanges, ensuring that customer data is protected and that illicit activities are minimized.

Adoption of USDT in Bolivia

With the new service, Banco Bisa customers can now use USDT in a series of operations, ranging from maintaining balances in the stablecoin to making international payments.

The modality is especially useful for Bolivians who need to transfer funds to family members abroad or make payments to international suppliers.

The minimum amount to purchase USDT is 200 units, and the maximum daily limit reaches 10,000 USDT. The purchase of the stablecoin generates no costs, while sales of up to 5,000 USDT have a fee of 35 Bolivianos; amounts above this amount are taxed at 100 bolivianos.

Urquidi also gave an example of how the service works. He highlighted that a transfer of USDT to an offshore account intended for educational costs or commercial payments costs around 280 Bolivianos.

To open a CriptoBisa account, intended for USDT operations, the customer only needs to provide some personal data, such as identity, telephone number and email, for example. The simplicity of registration makes the process accessible to a wide audience. Furthermore, it promotes digital and financial inclusion in the country.

CryptoBisa

The director of the Financial System Supervisory Authority (ASFI), Yvette Espinoza, highlighted Banco Bisa's role in the security of the new service:

“This platform allows customers to carry out cryptocurrency transactions securely, minimizing the risks of insecure transactions.”

The CriptoBisa platform arrives at a time when the use of cryptocurrencies is on the rise in Bolivia. Recently, the country's Central Bank authorized the use of cryptoactives by banks through authorized electronic channels, which boosted the growth of transactions with stablecoins such as USDT by more than 100% in three months.

Representative Mariela Baldivieso highlighted the country's potential in this scenario:

“With our entrepreneurial culture, we have the chance to lead the adoption of crypto assets in Latin America.”