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Nine Cryptocurrency Platforms Approved to Work with Colombian National Banks

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Feb 13, 2021

A very promising and thrilling announcement for the cryptocurrency community has been made by the Colombian regulators. The announcement reveals that the cryptocurrency exchanges and Colombian banks will now be able to work together through an alliance.

The approval has been given by the Financial Superintendence of Colombia, which is the Ministry of Finance and Public Credit in Colombia. However, it has been confirmed that for now, the regulator has approved only nine partnerships between the cryptocurrency exchanges and the national banks.

The regulators have taken this step in order to make sure that the operations are worked with full attention. Most importantly, the Colombian regulators want to ensure that the citizens of the country are not bombarded with new assets. Therefore, only 9 partnerships are approved so the development in the crypto-sector is gradual.

By doing the above, the regulators from Colombia have made it clear that they are ready to welcome cryptocurrencies in the country. Similar to countries such as China, Russia, Georgia, Venezuela, Colombia has also realized the importance of cryptocurrencies. It is now aware that the platform will prove to be very beneficial and advantageous for the growth of the country’s economy.

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Ever since the launch of the cryptocurrencies and Bitcoin (BTC) in Colombia, the republic in South America has demonstrated to be very friendly. The country has been making constant amendments to the policies and regulations in order to accommodate cryptocurrencies and digital assets.

It was the first week of the year 2021 when the Superintendence of Corporations of Colombia made a fine announcement for the crypto-community. The regulator had announced as well as approve the local firms that they could leverage capital in order to purchase bitcoin (BTC).

After more than a month, the regulator has made another announcement that is even more promising than the one from January. This time, the regulator has announced that there will be a collaboration between cryptocurrency firms and regulated financial institutions. This would serve as a trial period between the two entities to see what the outcome would turn out to be.

The news surrounding the trial period between the national banks and the cryptocurrency exchanges were already rumored back in January. It was back on January 21, 2021, when an organization shared the information around the ongoing deal for the trial. The organization revealed the information through Twitter and claimed it had ties with the Ministry of Finance and Public Credit from Colombia.

The main goal of initiating this trial is to ensure that more citizens, businesses, and sectors in the country are provided exposure to cryptocurrencies. The country strongly believes that cryptocurrencies would be the future of internet financing, therefore, it is making it more accessible in the country.

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