In a groundbreaking move set to transform Bolivia's financial landscape, Banco Bisa has announced the launch of a pioneering virtual asset custody service for USDT (Tether). This enables clients to securely buy, sell, and transfer cryptocurrencies while ensuring compliance with regulatory standards. Franco Urquidi, the bank’s Vice President of Business, emphasized that all transactions must originate from and terminate at Banco Bisa accounts, enhancing security and traceability.
Key Features of Banco Bisa’s USDT Service
Seamless International Transactions
Clients can now:
- Hold funds in USDT indefinitely.
- Facilitate overseas payments (e.g., education fees for family abroad).
- Execute dollar-pegged transfers without volatility risks.
Stablecoin Reliability
USDT (Tether) is a stablecoin pegged 1:1 to the US dollar, backed by Tether Limited’s dollar reserves. This ensures price stability, making it ideal for cross-border transactions.
Regulatory Approval and Security
ASFI Director Yvette Espinoza endorsed the service, highlighting its alignment with Bolivia’s financial regulations:
"This custodial solution minimizes risks associated with unregulated crypto markets, offering users a secure and transparent alternative."
Enhanced Security and Education
Banco Bisa prioritizes:
- Rigorous KYC verification to prevent illicit activities.
- Partnerships with global custody providers for data protection.
- Financial literacy programs to educate users on crypto benefits and risks.
Pricing Structure
- USDT purchases: Minimum 200 USDT, daily cap of 10,000 USDT.
- Fees: Ranging from Bs 35 to 100 (based on amount).
- International transfers: Flat fee of Bs 280 for dollar-denominated accounts.
Market Leadership and Future Outlook
As ASFI greenlights virtual asset services for other financial institutions, Banco Bisa cements its role as Bolivia’s fintech innovator. Urquidi noted:
"We’re setting benchmarks in security, education, and accessibility for crypto adoption in Bolivia."
FAQ Section
Q1: Is USDT safer than other cryptocurrencies for international transfers?
A: Yes, USDT’s dollar peg reduces volatility, and Banco Bisa’s custodial service adds regulatory compliance.
Q2: What’s the minimum investment for USDT via Banco Bisa?
A: Transactions start at 200 USDT, with daily limits up to 10,000 USDT.
Q3: How does Banco Bisa ensure transaction security?
A: Through multi-layered KYC checks, insured custodians, and real-time monitoring.
Q4: Can I use USDT to pay for services abroad?
A: Absolutely! The bank supports cross-border payments, including education and vendor fees.
Q5: Are there plans to add more cryptocurrencies?
A: While USDT is the initial offering, Banco Bisa is exploring additional stablecoins based on demand.
👉 Discover how crypto is reshaping global finance
👉 Learn about secure digital asset management
This service exemplifies Banco Bisa’s commitment to merging tradition with fintech innovation, offering Bolivians a bridge to the global digital economy.