Bolivian Bank Banco Bisa Ventures into Crypto Market via Tether USDT Custody Services to Ensure Sustainable Growth

by

As a seasoned crypto investor with over two decades of experience under my belt, I must admit that Banco BISA S.A’s move to integrate Web3 technology into its financial services is nothing short of impressive. Having witnessed the evolution of the crypto market from a niche corner to a global phenomenon, I can see the potential this move holds for Bolivia.

To keep up with the rapidly evolving market, Bolivian bank Banco BISA S.A (BBV: BIS) has unveiled its intentions to deepen the incorporation of Web3 technology into its financial offerings. As per a recent statement, Banco Bisa has already introduced custody services for Tether USDT for both domestic and international transactions.

As stated by Franco Urquidi, the corporation’s business vice president, the bank chose to rely on Tether’s USDT for its proven security and market stability. Additionally, the bank plans to provide secure, regulated services to its clients with the highest priority.

Currently, the bank has formed alliances with various businesses specializing in Web3 technology to facilitate a smooth and secure integration of cryptocurrency within the nation. Importantly, Banco Bisa will levy fees ranging from $5 to $15 for daily transactions involving Tether USDT between 200 and 10,000 units. In contrast, international transactions will be charged at $40, a competitive rate compared to conventional payment methods.

According to Urquidi, our clients undergo a thorough authentication procedure, ensuring them confidence that their transactions take place via safe and dependable platforms.

Why Banco Bisa Ventured into Crypto Space Now

As a crypto investor, I’ve found myself drawn to the exciting prospect of how digital currencies could revolutionize the global financial landscape. Notably, influential players like BlackRock, MicroStrategy, and Metaplanet – just to name a few – have taken notice too, seeing the crypto industry as a strategic move against global economic uncertainties that loom. They’ve made their mark by integrating cryptocurrencies into their portfolios as a protective measure in these uncertain times.

As a researcher studying the banking sector in Bolivia, I’ve observed that Banco Bisa has significantly expanded over the past few decades to become the third-largest bank in terms of assets under management. However, it’s crucial to note that the bank’s future success is not automatically assured. To maintain its competitive position, particularly in a regulated environment, the bank needs to adapt and navigate the evolving landscape of cryptocurrency over the long term.

As reported by Yvette Espinoza, the head of the Financial System Supervision Authority (ASFI), Banco Bisa’s new foray into the cryptocurrency sector promises enhanced liquidity and safety for its users.

As a researcher, I’d like to emphasize that this service serves as a secure platform for our clients, enabling them to execute diverse transactions with minimal risk. By doing so, it significantly decreases the potential for unsafe encounters within the dynamic and sometimes perilous realm of the cryptocurrency market.

It’s important to mention that following the success of El Salvador in recognizing cryptocurrencies like Bitcoin alongside the U.S. dollar, Bolivia has recently decided to lift its longstanding ban on crypto assets, a restriction that had been in place since 2014.

By mid-September, the national bank reported a surge of 100% in cryptocurrency transactions following the lifting of the ban in June, reaching approximately $15.6 million.

As cryptocurrency usage and associated liquidity expand globally, the nation’s central bank feels optimistic that its economy will experience growth in harmony with the projected surge of the Web3 sector.

Read More

2024-10-28 14:06