Bolivia's Banco Bisa has just launched a custody service for Tether's USDT stablecoin, allowing clients to buy, sell, and transfer the cryptocurrency through the bank. This move is a significant step forward for crypto adoption in Bolivia, especially considering the country's past stance on cryptocurrencies. In 2014, Bolivia banned the use of cryptocurrencies, but it has since shifted its stance, lifting the ban on Bitcoin and crypto payments in June 2024.

The new custody service will enable users to hold their assets, send them to relatives, and make cross-border payments. Bolivia's financial regulator, Autoridad de Supervisión del Sistema Financiero (ASFI), supports the bank's offering, noting that it allows clients to carry out crypto transactions within the country's regulatory framework, reducing the risks associated with unsafe interactions in the crypto market.

This development is part of a broader trend of banks exploring cryptocurrency services. In the US, trust banks have been chartered to provide custody services for cryptocurrencies, and some have even issued their own stablecoins . The OCC has clarified that national banks can offer custody services for cryptographic keys associated with cryptocurrency and issue stablecoins for payment activities.

Overall, Banco Bisa's launch of a custody service for USDT stablecoin marks a significant milestone in Bolivia's growing crypto landscape.$BTC

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