Bolivia is witnessing increased crypto adoption as Banco Bisa, a major local bank, has launched a custody service for Tether's USDT stablecoin. This new service allows clients to buy, sell, and transfer USDT, facilitating safe crypto transactions in compliance with national regulations. The financial regulator, ASFI, supports this initiative, emphasizing the reduction of risks associated with unregulated crypto markets. Customers will complete a verification process to ensure secure transactions. Previously, Bolivia had a strict ban on cryptocurrencies, prohibiting any non-government-issued currency since 2014. However, in 2024, the country began to relax its stance, allowing crypto transactions to improve economic conditions and align with regional regulations. The central bank reported significant trading activity in cryptocurrencies since lifting the ban, with approximately $15.6 million traded monthly in the latter part of 2024. Despite these developments, Bolivia has not yet established a formal tax framework for crypto activities.

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