Colombia’s oldest industrial banking establishment, Banco de Bogotá, is reportedly exploring cryptocurrency-related providers.In accordance with a
Colombia’s oldest industrial banking establishment, Banco de Bogotá, is reportedly exploring cryptocurrency-related providers.
In accordance with a report by native information company Portafolio, Banco de Bogotá introduced Monday that it’ll take part in a pilot challenge directed by the Superintendencia Financiera de Colombia, the nation’s prime monetary regulator. The challenge will likely be run inside a regulatory sandbox — dubbed la Arenera — which was permitted by the Ministry of Finance and Public Credit score in September 2020.
Banco de Bogotá will discover the enterprise mannequin and potential dangers related to the administration of crypto property by permitting a choose group of purchasers to purchase and promote cryptocurrencies from the financial institution with the nationwide fiat foreign money, the peso.
Oscar Bernal Quintero, vice chairman for expertise growth at Banco de Bogotá, mentioned:
“One in all our nice motivations is to be an energetic a part of the transformation of the nation and we take into account it invaluable to take part within the building of the potential regulation that will allow the trade of crypto property throughout the Colombian regulatory framework.”
The federal government of Colombia created la Arenera with the intention to let native corporations check crypto transactions. In accordance with an official announcement by the Monetary Evaluation and Info Unit, the sandbox was launched in March 2021.
The crypto trade has been actively rising in Colombia. The nation had the biggest variety of Bitcoin (BTC) ATMs in Latin America as of October 2020.