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Colombian Bank to Enable Deposits & Withdrawals with Crypto Exchanges in Government-Subsidized Pilot

Colombian Bank to Enable Deposits & Withdrawals with Crypto Exchanges in Government-Subsidized Pilot

Banco de Bogotá is the main industrial monetary institution of Colombia that plans to take a look at deposits and withdrawals with cryptocurrency exchanges.

This initiative is section of a year-prolonged authorities-backed pilot that will take a look at banking services and products for crypto platforms.

Colombia’s monetary watchdog, the Monetary Superintendency of Colombia (SFC), had presented earlier this year that 9 crypto companies had been chosen to take a look at banking services and products for crypto platforms.

Crypto exchanges Binance and Gemini had been chosen by the SFC, which is prepared to characteristic with Colombian banks Davivienda and Bancolombia, respectively.

Sooner than this pilot, banks had been restricted from transferring money to exchanges on account of monetary rules.

Starting in August, Banco de Bogotá will allow its possibilities to send and withdraw money from Chilean crypto replace Buda.com. Both the events alive to, alternatively, are aloof engaged on the terms and definition of the contract.

This agreement between Banco de Bogotá and Buda.com is the 2nd such to be launched as crypto exchanges Panda and Bitpoint started working with Colombian fintech Movii this month.

Banco de Bogotá will moreover characteristic with Mexican replace Bitso, but that partnership is but to be started.

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