The Financial Superintendency of Colombia (SFC), Colombia’s financial authority, stated earlier this year that nine crypto companies had been selected to test banking services for crypto platforms.
The SFC has selected cryptocurrency exchanges Binance and Gemini to work alongside Colombian banks Davivienda and Bancolombia.
Due to banking laws, banks were prohibited from sending money to exchanges before this experiment.
Banco de Bogotá will begin allowing its clients to send and receive money through the Chilean cryptocurrency exchange Buda.com in August. However, the contract’s terms and meaning are still being worked out by both parties.
This partnership between Banco de Bogotá and Buda.com is the second of its kind to be announced this month, after cryptocurrency exchanges, Panda and Bitpoint partnered with Colombian fintech Movii.
Banco de Bogotá will also work with Bitso, a Mexican exchange, although that collaboration has yet to begin.
https://mycryptoparadise.com/colombian-bank-to-accept-deposits-withdrawals-with-crypto-exchanges/
Topic: Colombia embraces crypto (Read 259 times)