Banco de Bogotá participates in a crypto-related pilot project
March 5, 2021
The trial aims to tie Colombia’s government and crypto ecosystem to create a crypto sandbox.
With this test, Banco de Bogotá will let select clients deposit and withdraw crypto via its system.
Banco de Bogotá will handle the crypto deposits and withdrawals during this pilot.
Colombia’s first commercial bank, Banco de Bogotá, is taking part in a cryptocurrency-related pilot project. A report unveiled this news on March 1, noting that the Financial Superintendence of Colombia (FSC) is behind this trial. Reportedly, this project aims to foster the development of a joint test space for digital assets between the country’s digital ecosystem and the National government.
Colombiaâs oldest commercial bank pilots crypto services One of the largest banks in Colombia, Banco de Bogotá, will pilot crypto services as part of a regulatory sandbox project. 3600 Total views
Colombiaâs oldest commercial banking institution, Banco de Bogotá, is reportedly exploring cryptocurrency-related services.
According to a report by local news agency Portafolio, Banco de Bogotá announced Monday that it will participate in a pilot project directed by the Superintendencia Financiera de Colombia, the country s top financial regulator. The project will be run within a regulatory sandbox â dubbed la Arenera â which was approved by the Ministry of Finance and Public Credit in September 2020.
Mar 4, 2021
With its âLaAreneraâ program, Colombia is embracing the integration of bitcoin with its regulated financial institutions.
Colombia has authorized eight bitcoin exchanges for regulatory sandbox testing to start this month.
The Financial Superintendency of Colombia (FSC) recently authorized nine alliances between local, regulated banks and cryptocurrency exchanges. The initial partnerships are reportedly going to include: Bancolombia with Gemini; Davivienda and Powwi with Binance; Banco de Bogotá with Bitso and Buda; Coltefinanciera with Obsidiam; Coink with Banexcoin; and Movii with Panda and Bitpoint.
Since 2020, the FSC has been focused on exploring the use of bitcoin in the country. Late last year, it published an official note to clarify that there are no prohibitions against companies in the country using their funds to buy bitcoin.
The major Colombian commercial bank Banco de Bogotá has begun a crypto pilot that will see a select group of its customers allowed to make crypto transactions on its banking platform. Per Portafolio, the pilot will begin this month and will allow customers to make crypto deposits and withdrawals on its mobile and virtual banking platforms.
Colombian Banks to Work with Exchanges on Year-long Crypto Pilot
Source: Adobe/promesaartstudio
Colombian banks are set to form an unlikely alliance, with some of the nationâs biggest crypto exchanges set to work together on a cryptoasset transactions pilot.
Per Semana, the pilot will, in most cases see crypto exchanges join forces with a bank to test how financial institutions can use crypto to conduct transactions â and whether it can indeed speed payments and improve efficiency.
The pilot will take place within a newly constructed regulatory sandbox, the brainchild of the
Financial Superintendence (Superintendencia Financiera or Superfinanciera), one of the nationâs top financial regulators.