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Banco de Bogotá, Colombia’s oldest bank, has begun the next step of its crypto-pilot. According to sources, at this level, 5,000 of its clients will be able to use cryptocurrency listed on the Bitso and Buda cryptocurrency markets. Previously, the bank collaborated with two major exchanges as part of a crypto-sandbox project run by one of the country’s largest financial regulators, Superintendencia Financiera [Financial Superintendence or Superfinanciera].
In March, the country piloted the first phase of its crypto-project. Customers above the age of 25 were able to trade cryptocurrency for Colombian pesos and vice versa via interfaces linked to exchanges. While the first phase allowed for cryptocurrency deposits and withdrawals, the second phase will concentrate on cryptocurrency spending via bank cards and app platforms.
Buda’s interface is expected to be operational in September, with Bitso’s following in October. Surprisingly, these services will support “cash-in and cash-out” transactions.
As per reports,
“Participants will be able to carry out ‘cash-in’ or ‘cash-out’ operations in the deposit product in the name of the cryptoactive platform for a maximum accumulated monthly amount of $ 49.9 millions per month.”
It’s worth noting, however, that the two exchanges are currently in the stage of structuring the operation model with each platform.
According to the Vice President of Technology at Banco de Bogotá Óscar Bernal,
“We consider it valuable to participate in the construction of the possible regulation that would enable operations with crypto assets in the Colombian regulatory framework.”
The pilot is scheduled to last for a year. Following the same, regulators will assess the results of the pilots to report to the government.