- The designing of regulations for the crypto introduction
- The aim is to create a safe environment of crypto for the users
- Banco de Bogota will adopt the process of experimenting with crypto
One of the oldest commercial banking institution in Colombia named Banco de Bogota, introduces cryptocurrency-related services in the market. Portfolio, the local news agency, has decided to have moved towards the digital currency directed by the Superintendencia Financiera de Columbo, Which is considered the country’s most rated and top financial regulator. The project will further run in a regulatory framework approved by the Ministry of Finance and Public Credit in September 2020.
Banco de Bogota plan for providing crypto services
Banco de Bogota will step ahead with a close view of cryptocurrencies’ risk. It will focus on the business model to adopt for the proper functioning of crypto assets. It will allow and select a group of people to buy and sell cryptocurrencies from the bank with the national fiat currency. This will create a clear vision regarding the regulation formation for the smoothening of transactions.
The vice president for technology development at Banco de Bogota, Oscar Bernal Quintero, claims it to be the organisation’s best part. The motive behind the introduction to crypto assets lies in the country’s transformation. It’s a valuable contribution to the construction of the regulations that will enable the exchange mechanism of crypto-assets with a regulatory framework of Columbia. The Government of Columbia created a la Arenera where local companies can test crypto transactions in a line. According to its announcement, Sandbox was launched in March 2021. The scope of cryptocurrency is growing at a faster pace in Columbia. It has the largest number of Bitcoins In Latin America as of October 2020.
