Colombia’s Banco de Bogotá Begins Crypto Pilot

Banking Exchange Latin America

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Tim Alper

Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:54 EDT

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The major Colombian commercial bank Banco de Bogotá has begun a crypto pilot that will see a select group of its customers allowed to make crypto transactions on its banking platform.

Per Portafolio, the pilot will begin this month and will allow customers to make crypto deposits and withdrawals on its mobile and virtual (internet, desktop-based) banking platforms.

As part of the pilot, customers will also be able to trade their crypto holdings and exchange them for fiat Colombian pesos, directly depositing the fiat in their accounts. The crypto exchange link-ups will also allow customers to use fiat holdings in their account to buy crypto, without first sending the money to an exchange.

The pilot is part of a wider crypto project directed by the Financial Superintendence (Superintendencia Financiera or Superfinanciera), one of Colombia’s top financial regulators, which last month confirmed its selections of applicant companies.

And while there are plenty of interesting partnerships on the Financial Superintendence’s list, including a Gemini link-up, all eyes will be on the Banco de Bogotá trial, particularly due to the bank’s size and the fact that it is working with Bitso and Buda, two of the Latin American region’s most popular crypto exchanges, on its pilot.

The bank is the oldest in the country and has some 670 branches.

The same media outlet also reported that the regulator has warned that its sandbox program, which will last for a year, does not constitute any sort of commitment to the official recognition of crypto by the state.

The Financial Superintendence asserted that cryptoassets were “unregulated,” and advised citizens to “think twice” before making investment-based decisions.
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