• About
  • Advertise
  • Privacy & Policy
  • Contact
Cryptos Valuator
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges
No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges
No Result
View All Result
Cryptos Valuator
No Result
View All Result
Home Bitcoin News

Colombian Banks to Work with Exchanges on Year-long Crypto Pilot

July 2, 2021
in Bitcoin News
0
Colombian Banks to Work with Exchanges on Year-long Crypto Pilot
0
SHARES
13
VIEWS
Share on FacebookShare on Twitter

Colombian banks are set to form an unlikely alliance, with some of the nation’s biggest crypto exchanges set to work together on a cryptoasset transactions pilot.

Per Semana, the pilot will, in most cases see crypto exchanges join forces with a bank to test how financial institutions can use crypto to conduct transactions – and whether it can indeed speed payments and improve efficiency.

The pilot will take place within a newly constructed regulatory sandbox, the brainchild of the Financial Superintendence (Superintendencia Financiera or Superfinanciera), one of the nation’s top financial regulators.

The biggest crypto players have teamed with big-hitting banks, with Banco de Bogotá working with Bitso and Buda, while Bancolombia pairs with the Colombian branch of Gemini. Binance’s Colombian operations, meanwhile, will work with the Davivienda bank and a fintech firm named Powwi.

The neobank Movii will work with Panda and Bitpoint, while the financial services provider Coltefinanciera will team up with Obsidiam, and the digital assets firms Coink and Banexcoin will work together.

Some five other proposed partnerships were rejected by a selection body comprised of Financial Superintendence members, other financial regulators, and members of the presidential office.

The firms will begin on a year-long pilot, and the Superintendence warned that exchange partners “must perform due diligence when making decisions to buy and sell cryptoassets” in the sandbox, adding that the “high standards” used in a conventional bank needed to be applied to crypto-related dealings.

And the regulator added that the pilot did not affect the legal status of crypto in the nation, nor did it mean that banks could start pursuing crypto-related business outside the confines of the sandbox.

The plan for the sandbox was outlined last year in a presidential decree.
____
Learn more:
Colombian Watchdog Says Companies Can Convert Capital to Bitcoin
Colombia’s Financial Sector May Be Allowed to Pilot Crypto Transactions
Over 70% of Surveyed Argentinians ‘Interested’ in Crypto
Bitcoin Pay Gets Traction in Venezuela While Crypto Gathers Pace in Argentina
Crypto Adoption in 2021: Bitcoin Rules, Ethereum Grows & Faces Rivals
Puerto Rico Neobank the Latest to Unveil Bitcoin, Ethereum Custody Plans

Previous Post

Bitcoin Network Sees 22.3 Million Active Wallets In January After $42K All-Time High

Next Post

Accelerate Financial Technologies Files for Bitcoin ETF

Next Post
Accelerate Financial Technologies Files for Bitcoin ETF

Accelerate Financial Technologies Files for Bitcoin ETF

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 122 Followers
  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Venezuela Considers Proposal to Include Bitcoin in Central Bank Reserves

Venezuela Considers Proposal to Include Bitcoin in Central Bank Reserves

June 23, 2021
Newegg Expands Bitcoin Payment Option To 73 More Countries

Newegg Expands Bitcoin Payment Option To 73 More Countries

July 4, 2021
World of Ether Goes Live on Ethereum Mainnet, Soon Becoming Top Ranked Crypto Game

Black Friday Drags Crypto Market Down, Bitcoin & Ethereum Price Plunges

August 4, 2021
World of Ether Goes Live on Ethereum Mainnet, Soon Becoming Top Ranked Crypto Game

Enterprise Ethereum Alliance Opens Regional Office In South Korea

August 6, 2021
UPbit Audit Reveals That South Korea’s Cryptocurrency Exchange is Not Guilty

UPbit Audit Reveals That South Korea’s Cryptocurrency Exchange is Not Guilty

Goldman Sach’s Cryptocurrency Startup Circle Raises $110 Million Led By Bitmain Technologies

Goldman Sach’s Cryptocurrency Startup Circle Raises $110 Million Led By Bitmain Technologies

NASDAQ-Powered Crypto Exchange To Go Live in June 2018

NASDAQ-Powered Crypto Exchange To Go Live in June 2018

Why is ZCash Price Rising ? | Latest Crypto News

Why is ZCash Price Rising ? | Latest Crypto News

Fidelity Contemplates Supporting Crypto Transfers

Fidelity Contemplates Supporting Crypto Transfers

March 29, 2023
Bitcoin Outperforms Stocks and Gold With 50% Rise This Year

Bitcoin Outperforms Stocks and Gold With 50% Rise This Year

March 27, 2023
Binance Freezes Deposits and Withdrawals for UK Customers

Binance Freezes Deposits and Withdrawals for UK Customers

March 24, 2023
Meta Plans To Discontinue NFTs, Sparks Debate on Blockchain’s Role in Art

Meta Plans To Discontinue NFTs, Sparks Debate on Blockchain’s Role in Art

March 22, 2023

Recent News

Fidelity Contemplates Supporting Crypto Transfers

Fidelity Contemplates Supporting Crypto Transfers

March 29, 2023
Bitcoin Outperforms Stocks and Gold With 50% Rise This Year

Bitcoin Outperforms Stocks and Gold With 50% Rise This Year

March 27, 2023
Binance Freezes Deposits and Withdrawals for UK Customers

Binance Freezes Deposits and Withdrawals for UK Customers

March 24, 2023
Meta Plans To Discontinue NFTs, Sparks Debate on Blockchain’s Role in Art

Meta Plans To Discontinue NFTs, Sparks Debate on Blockchain’s Role in Art

March 22, 2023
Cryptos Valuator

Follow Us

Browse by Category

  • Altcoin News
  • Bitcoin
  • Bitcoin News
  • Blockchain
  • Blockchain News
  • Business
  • Coins
  • Cryptocurrency
  • Cryptonews Deals
  • DeFi News
  • Economy
  • Ethereum
  • Ethereum News
  • Events
  • Exchanges
  • General
  • ICOs
  • Industry Talk
  • Markets
  • News
  • NFT News
  • Opinion
  • Press Releases
  • Regulation
  • special site
  • Sponsored
  • World

Recent News

Fidelity Contemplates Supporting Crypto Transfers

Fidelity Contemplates Supporting Crypto Transfers

March 29, 2023
Bitcoin Outperforms Stocks and Gold With 50% Rise This Year

Bitcoin Outperforms Stocks and Gold With 50% Rise This Year

March 27, 2023
  • Terms & Conditions
  • Privacy Policy

© 2021 Cryptos Valuato

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges

© 2021 Cryptos Valuato