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Bolivia's Bisa Bank launches USDT services amid rising demand

Bolivia's Bisa Bank launches USDT services amid rising demand

GrafaGrafa2024/10/28 20:37
By:Mahathir Bayena

Bolivia’s cryptocurrency landscape has taken a notable step forward with Bisa Bank’s launch of USDT (CRYPTO:USDT) services, marking it as the first private financial institution in the country to offer such a suite. 

Customers now have the option to buy, sell, and hold USDT through the bank’s platform, paving the way for more secure remittances and international transactions. 

This initiative comes amid rising interest in stablecoins, offering an alternative for users seeking reliable and regulated avenues for managing digital assets. 

Yvette Espinoza, President of Bolivia’s banking watchdog ASFI, emphasised the safety of the service, stating that it provides customers a secure means of carrying out operations while reducing risks associated with the cryptocurrency market. 

Bisa Bank has structured its fee model with charges between $5 to $15 for transactions ranging from 200 to 10,000 USDT per day. 

Additionally, international USDT transfers will cost around $40, providing a cost-effective channel for cross-border payments. 

Franco Urquidi, Vice President of Business at Bisa Bank, highlighted the rigorous verification process customers must undergo, ensuring secure transactions through reliable banking channels. 

Last year, the Central Bank of Bolivia took direct action to stabilise the local market by selling dollars to citizens amid growing devaluation concerns.

At the time of reporting, the Tether price was $0.9996.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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