Crypto adoption has continued in the South American nation of Bolivia as a major bank launched a custody service for Tether’s USDT stablecoin. Bolivian bank Banco Bisa announced the custody service for USDT, saying it will allow its clients to buy, sell and transfer crypto through the bank. It also explained that the service will allow users to store their assets, send them to relatives and make payments across borders.
Bolivia’s financial regulator Yvette Espinoza supported the bank’s service, saying it allows clients to conduct crypto transactions within the country’s regulatory framework. The regulator said this reduces the risk of unsafe interactions in the crypto market. Franco Urquidi, vice president of business at Banco Bisa, said in the announcement that customers will go through a verification process to give them “peace of mind” that their transactions are being conducted safely.
