According to a local news agency report, Portafolio, Banco de Bogotá announced Monday that it would 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 dubbed la Arenera, which was approved by the Ministry of Finance and Public Credit in September last year. Since the bitcoin’s massive winning rally, several major companies and banks have warmed up to the idea of dealing in crypto.
Banco de Bogotá will explore different crypto-related services.
Colombia’s biggest bank, Banco de Bogotá, will explore the business model and potential risks associated with the management of crypto assets by allowing a select group of clients to buy and sell cryptocurrencies from the bank with the national fiat currency, the peso. Oscar Bernal Quintero, vice president for technology development at Banco de Bogotá, said, “One of our great motivations is to be an active part of the transformation of the country, and we consider it valuable to participate in the construction of the possible regulation that would enable the exchange of crypto assets within the Colombian regulatory framework.”
The crypto industry has been actively growing in Colombia.
The government of Colombia created la Arenera in order to let local companies test crypto transactions. According to an official announcement by the Financial Analysis and Information Unit, the sandbox was launched in March 2021. The crypto industry has been actively growing in Colombia. The country had the largest number of Bitcoin ATMs in Latin America as of October 2020. Since the recent winning rally of bitcoin and other cryptocurrencies, several major institutions have opened up to the idea of accepting cryptocurrencies. As reported earlier, Tesla announced its plans to start accepting bitcoin as a payment method.
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Source: https://chaintimes.com/colombias-oldest-commercial-bank-pilots-crypto-services/
