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Colombian Bank to Accept Deposits & Withdrawals with Crypto Exchanges

Colombia embraces crypto

July 31, 2021

Reading Time: 2 minutes

Banco de Bogotá is Colombia’s first commercial bank to intend to test cryptocurrency exchange deposits and withdrawals as part of a government-sponsored trial to test banking services for crypto platforms.

According to Alejandro Beltrán, Colombia’s national manager for Buda.com, as cited by CoinDesk, in August, Banco de Bogotá would enable bank clients to transfer and receive money through Chilean crypto exchange Buda.com.

The mainstream acceptance of cryptocurrency has been excellent, which is critical since it is likely the crypto space’s primary objective.

Many steps have been made in this regard, and they will undoubtedly continue.

Colombia embraces crypto

The Financial Superintendency of Colombia (SFC), Colombia’s financial authority, stated earlier this year that nine crypto companies had been selected to test banking services for crypto platforms.

The SFC has selected cryptocurrency exchanges Binance and Gemini to work alongside Colombian banks Davivienda and Bancolombia.

Due to banking laws, banks were prohibited from sending money to exchanges before this experiment.

Banco de Bogotá will begin allowing its clients to send and receive money through the Chilean cryptocurrency exchange Buda.com in August. However, the contract’s terms and meaning are still being worked out by both parties.

This partnership between Banco de Bogotá and Buda.com is the second of its kind to be announced this month, after cryptocurrency exchanges, Panda and Bitpoint partnered with Colombian fintech Movii.

Banco de Bogotá will also work with Bitso, a Mexican exchange, although that collaboration has yet to begin.

Bitcoin adoption in the news

In other recent related news, Glen Oaks Escrow, one of California’s most significant independent escrow firms, announced that it had completed its first refinancing using a Bitcoin-backed loan. According to the online publication The Bitcoinist, Glen Oaks Chief Operating Officer Joe Curtis said that seeing someone other than the home buyer transact using Bitcoin in a real estate deal tells them that this technology has the capability to become more prominent.

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