ÁLVARO CUADROS SAGÁRNAGA: “Banco BISA Enables Fast and Secure Access to Cryptoassets”
This is the first service in Bolivia that allows clients to buy and sell USDT directly through a regulated national bank, eliminating the risks of online scams or fraud.
ISSUE 136 | 2024
Vesna Marinkovic U.
1What was the main motivation behind the creation of CriptoBisa, and how does it align with Banco BISA's vision for innovation?
The creation of CriptoBisa stems from our mission to anticipate our clients' needs and provide innovative tools that simplify their lives.
The growing adoption of cryptoassets worldwide signals a shift, and at Banco BISA, we decided to offer a secure and reliable solution adapted to this new financial environment.
CriptoBisa allows Bolivians to access a stable cryptoasset, such as USDT.
This service aligns with our commitment to innovation, positioning us as pioneers in offering a cryptoasset option that fosters trust and security, making modern financial services easily accessible to our clients.
2How does Banco BISA ensure the security of transactions conducted through CriptoBisa, especially compared to decentralized P2P exchange platforms?
At Banco BISA, security is an absolute priority, especially in the realm of cryptoassets. CriptoBisa was developed using institutional-grade infrastructure that complies with the highest international standards, securing every transaction with advanced encryption systems and multi-level verification.
Unlike P2P platforms, where transactions occur without a regulated intermediary, CriptoBisa allows clients to operate with the confidence of being supported by a bank that adheres to security and data protection regulations. Additionally, we implement rigorous KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, ensuring every transaction is protected and secure.
National Manager of Digital Transformation at Banco BISA with over 24 years of experience in Financial Services and Fintech, and President of the Digital Banking Commission at ASOBAN for 2023-2024. He has a successful track record in roles related to Banking, Fintech, and Technology in general. He currently works in two simultaneous roles within Tigo and Tigo Money (Millicom's electronic payments solution): Corporate Products Director and Board Member, respectively, where he plays a key role in defining strategy as well as monitoring and advising on risk evaluations. He was the General Manager of Tigo Money, overseeing the creation of the mobile wallet in the country and responsible for the development of the first payment gateway in Bolivia (similar to PayPal).
3Could you expand to other cryptoassets in the future? If so, which ones?
Yes, there is a possibility of expanding CriptoBisa to include other cryptoassets in the future, as long as they align with our standards of security, stability, and value for our clients. Security and simplicity of access are essential to us, and any future additions will be designed to maintain the trust and ease that our clients expect.
Clients with a savings or checking account in Bolivianos can request to buy or sell USDT directly through our digital platforms...”
4Why did Banco BISA choose USDT as the first cryptoasset for CriptoBisa?
We chose USDT due to its stability and broad acceptance in the global market. As a stablecoin, USDT is pegged to the value of the US dollar, reducing the volatility characteristic of other cryptoassets. This allows our clients to transact and access cryptoassets without being exposed to extreme fluctuations in the value of their investment.
Additionally, USDT has established itself as one of the most reliable cryptoassets, making it an ideal option for Bolivians to take their first steps into the world of cryptocurrencies securely.
5What makes CriptoBisa different from other options for acquiring USDT in Bolivia?
CriptoBisa is the first service in Bolivia that allows clients to buy and sell USDT directly through a regulated national bank. This provides unprecedented security compared to other platforms, as all transactions are protected and monitored under local regulatory standards.
Moreover, CriptoBisa simplifies access to USDT, enabling clients to buy and sell this cryptoasset within their trusted bank without the need for external platforms.
6What steps must a client take to start using CriptoBisa?
Using CriptoBisa is simple and secure. Clients with a savings or checking account in Bolivianos can request to buy or sell USDT directly through our digital platforms, eBisa+ and eBisa Mobile.
Once the request is made, our system will process the transaction, and the USDT will be credited or debited to the client's custody account or, if applicable, sent abroad via a SWIFT transfer.
With this solution, Banco BISA ensures that the experience is as seamless as possible, allowing clients quick and secure access to their cryptoassets, "simplifying their lives" with the backing of a reliable banking institution.
