Banco de Bogota is the first commercial bank to allow users to transfer money to digital currency exchange platforms.
“Banco de Bogota has been very detailed and careful in this process, which is understandable since it is entering a new world and they want to understand it in all its dimensions.” Beltran also added: “We believe that in the future it can be a reference for regulation, but this test is not intended for that purpose.”
The new service is planned to start in the first days of August. Crypto exchange Buda.com is part of the program that will test deposits and withdrawals with an online platform. The pilot is financed by the government and both parties are in the process of defining the contract’s terms and conditions.
This is not the first time that Colombia tests banking services related to virtual currency platforms. In January, the Financial Superintendency of Colombia (SFC) chose 9 crypto firms out of 14 candidates. The companies became part of a project that is expected to last a whole year.
The first pilot started at the beginning of July. It involved crypto exchanges Bitpoint and Panda that started operating with Colombian fintech Movii. Other programs will begin soon, and among the platforms that have been chosen to participate are important names like Binance, Gemini, and the Mexican Bitso.