As a seasoned crypto investor with over two decades of experience navigating the ever-changing landscape of digital assets, I find the recent developments in Bolivia particularly intriguing. Having witnessed the rise and fall of various cryptocurrencies and the evolution of regulatory frameworks across continents, it’s fascinating to see a country like Bolivia embrace this technology after initially shunning it.
In the South American nation of Bolivia, a significant leap in cryptocurrency usage is being witnessed, with a prominent bank introducing a storage solution for Tether’s USDt stablecoin.
Bank Banco Bisa, based in Bolivia, declared the launch of a custody service for USDT (Tether Dollars). This move enables their clients to purchase, trade, and transfer cryptocurrencies directly through the banking system.
Bank Bisa announced that the new service allows users to securely store their assets, transfer them to family members, and facilitate international transactions.
Bolivia’s financial regulator supports new service
Yvette Espinoza, representing Bolivia’s Financial Authority (ASFI), endorsed the bank’s cryptocurrency services. She stated that these services enable local clients to conduct crypto transactions compliantly within our nation’s regulatory system. The regulator emphasized that this move helps mitigate potential risks associated with unsafe interactions in the cryptocurrency market.
Franco Urquidi, Banco Bisa’s Vice President of Business, stated in the announcement that clients will undergo a verification procedure to provide them with the assurance that their transactions are being handled securely, ensuring their peace of mind.
Bolivia banned crypto in 2014
2014 saw Bolivia enact a law forbidding the use of cryptocurrencies, as only currencies officially sanctioned and controlled by the Bolivian government were allowed.
Currently, the government has made it clear that using Bitcoin (BTC) is prohibited within its borders. This action is taken by the central bank to safeguard the country’s currency and its people from potential losses of funds associated with unregulated currencies.
Bolivia changes stance on crypto assets
In 2024, Bolivia began to change its position regarding cryptocurrencies. Specifically, on June 28th, the country repealed its ban on Bitcoin and other crypto transactions, enabling financial institutions to process operations involving digital currencies.
As stated by the Banco Central de Bolivia, this decision was taken with the aim of boosting their economy and harmonizing their cryptocurrency regulations with those of other Latin American countries.
By the end of September, the national bank disclosed a doubling of virtual asset trades since they removed their prohibition on Bitcoin and cryptocurrency transactions. Over the course of July to September, an average of $15.6 million in cryptocurrency was traded each month, according to their report.
Despite showing more flexibility towards cryptocurrencies, Bolivia hasn’t set up a definitive tax system for crypto transactions as of now.
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2024-10-28 11:04