Jul 1, 2022

Columbia banks test crypto-payments

Colombian banks are gathering to form a fairly unexpected alliance with the largest cryptocurrency exchanges of the country to to start joint work on the pilot project on transactions with cryptoassets.

It is common that financial institutions will test their ability to use a cryptocurrency to conduct transactions and check, operate and run the line.

The pilot project will run in a newly created "gunner" developed by the Finnish Directorate, one of the leading financial regulators.

At the current moment, the participants of the experimentSeveral groups have been formed: Banco de Bogotá works with Bitso and Buda, Bancolombia - with the Colombian branch of Gemini, Binance will cooperate with the bank Davivienda and fintex-fiwi.

About five other predetermined partners were turned off by the rejection committee, which consisted of members of the financial management, arcs of the final control regulator

The duration of the pilot project is one year, during whichpartners "should show due diligence when making decisions about the purchase and sale of crypto-assets", as well as high standards, use the

It is emphasized that the pilot project did not affect the legal status of the cryptocurrency in the country and does not allow a bank to run a business that is connected with a script