Colombian banks work with crypto exchanges for a year

The Colombian banks are on the verge of an unlikely alliance. Some of the largest crypto exchanges in the country will be working together on a pilot project to conduct crypto asset transactions.

As part of this pilot, crypto exchanges will work with a bank to test how financial institutions can use cryptocurrencies to complete transactions, speed up payments, and improve their efficiency, says Semana.

The pilot takes place in a new sandbox set up by the Financial Superintendence (Superintendencia Financiera or Superfinanciera), one of the main financial regulators in the country.

The biggest crypto players have partnered with major banks, Banco de Bogotá with Bitso and Buda, while Bancolombia partnered with Gemini’s Colombian branch. Binance’s Colombian business, meanwhile, will partner with Davivienda Bank and a fintech company called Powwi.

Neobank Movii will partner with Panda and Bitpoint, while financial services company Coltefinanciera will partner with Obsidiam and digital asset companies Coink and Banexcoin will partner.

Five other proposed partnerships were rejected by a selection panel composed of members of the financial regulator, other financial regulators, and members of the presidential office.

The companies are being set up as part of a year-long pilot, and the Superintendenz has warned trading partners « should exercise due care in making decisions about buying and selling crypto assets, » adding that the « high standards » used in a conventional project The bank should be applied to transactions related to cryptocurrency.

The regulator added that the pilot will not affect the legal status of cryptocurrency in the country and does not mean that banks can start crypto business outside the confines of the regulatory sandbox.

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Colombian banks work with crypto exchanges for a year
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