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Bancolombia, Colombia’s largest bank, will provide customers with cryptocurrency transactions through a pilot program within the regulatory framework established by the country’s financial regulator Superintendencia Financiera de Colombia (SFC). Customers of this Colombian bank will be able to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Bancolombia will provide customers with cryptocurrency transactions in the regulatory sandbox
Bancolombia is Colombia’s largest bank by total assets and will cooperate with cryptocurrency exchange Gemini to provide customers with cryptocurrency transactions. Gemini is a New York trust company and a custodian regulated by the New York State Department of Financial Services.
Cynthia Del Pozo Garcia, head of strategy and corporate development at the exchange, announced on Monday that starting December 14:
Gemini and Bancolombia will establish a partnership to provide seamless entry and exit of Bitcoin transactions for the first customers of Bank of Colombia (Bitcoin), ether (Ethereum), Litecoin (LTC) And Bitcoin Cash (Bitcoin cash) Through the Gemini Exchange.
Gemini noted that the partnership with Bancolombia “is also an important step in its strategic expansion in Latin America.”
The exchange added:
Our partnership is part of a one-year pilot program launched by the Colombian financial regulator Superintendencia Financiera de Colombia (SFC), which will provide users with seamless and secure encrypted access.
In January, the Colombian Financial Supervisory Authority Announce Nine crypto projects will be allowed to test their products in the La Arenera regulatory sandbox.
In addition to the partnership between Bancolombia and Gemini, other partnerships in the sandbox include Banco de Bogotá and Bitso; Bank of Bogotá and Buda; Coltefinanciera and Obsidiam; Davis and Binance; Powwi and Binance; Coink and Banexcoin; movies and pandas; and Movii and Bitpoint.
Do you think all banks should provide cryptocurrency transactions? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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