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October 2, 2022
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Banco de Bogotá is researching the cryptocurrency payment system –

A large Colombian commercial bank, Banco de Bogotá, has just started a pilot program under which a selected group of its clients will be able to make transactions using cryptocurrencies on a special platform. Behind the project is the Colombian counterpart of the Polish Financial Supervision Authority.

Banco de Bogotá focuses on cryptocurrencies

According to Portafolio, the bank’s pilot project will start later this month. It will enable customers to deposit and withdraw cryptocurrencies to the mobile banking platform.

As part of the pilot program, customers will also be able to trade and exchange their cryptocurrency assets for Colombian pesos by directly depositing digital currencies into their accounts. It will be possible thanks to cooperation with selected cryptocurrency exchanges. As emphasized, the process will be structured in such a way that it will allow clients to use fiat resources on their account to buy cryptocurrencies without first sending money to the exchange.

The pilot is part of a wider cryptocurrency project led by the National Financial Supervision Authority (Superintendencia Financiera / Superfinanciera), one of the most important financial regulators in Colombia. Last month, the institution confirmed the selection of companies that will take part in the project.

It is worth noting that although there are many interesting partners on the list of financial supervision, including the Gemini of the Winklevoss brothers, the eyes of commentators will be mainly focused on the activities of Banco de Bogotá. It’s about the size of this bank and the fact that it now works with Bitso and Buda, two of the most popular cryptocurrency exchanges in the Latin America region.

The bank is the oldest institution of this type in the country. Currently, it can boast about 670 branches.

Sandbox

However, this is not the end of important news from Colombia. The same media that reported on the test program also reported that the regulator had announced that its sandbox program, which will run for about a year, does not constitute any kind of commitment to official state recognition of cryptocurrencies.

Financial supervision has stated that cryptocurrencies are there “Unregulated” and advised citizens to “Thought twice” before making investment decisions on digital asset exchanges. However, it is worth praising the country’s authorities that they are researching new markets and trying to check how consumers react to them.

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