In Colombia, the Superfinanciera (Superfinanciera), an entity managed by the Ministry of Finance and Public Credit, revealed the authorization of the alliance between the Bank of Colombia and the digital currency exchange. So far, Colombia’s financial sector has approved nine partnerships between the exchange and the National Bank to make it easier for citizens to use cryptocurrency businesses.
Columbia Finance Director wants to spread cryptocurrency accessibility
For many years, the Republic of Colombia in South America has been friendly to crypto assets such as Bitcoin (BTC) and other digital currencies. Recently, in the first week of January 2021, the Colombian Corporate Regulatory Agency explained in an official notice that local companies can use capital to buy Bitcoin.
Now, the Colombian Financial Supervisory Authority (FSC) has revealed the trial between the country’s regulated financial institution and the digital currency exchange.
The organization linked to the Colombian Ministry of Finance and Public Credit shared a tweet on January 29, 2021, introducing the public to the alliance between many national banks and some cryptocurrency exchanges. The mission is to enable more cryptocurrency businesses to make Colombia’s crypto economy more accessible.
The program started in 2020, and many exchanges must obtain FSC approval to participate. So far, financial regulators have so far approved nine digital currency exchanges, including Movii and Panda Exchange platforms.
FSC explained: “The evaluation and supervision committee of the government pilot will implement deposit and withdrawal operations in financial products of deposits on behalf of the cryptocurrency asset exchange platform, and choose nine from the fourteen applications for testing.” In essence, The Colombian government’s encryption sandbox was created to enhance new technologies and financial products.
The Colombian Regulatory Authority further stated:
The pilot project will not affect the current regulatory framework applicable to crypto assets, that is, it will not change the information on such transactions and the allocation of responsibilities in risk management, nor will it be understood as authorizing the financial system to use public savings To perform these operations, or let the trading platform proceed under the supervision of Superfinanciera.
Founder of Panda Exchange: “The Colombian government has opened the door to the real adoption of cryptocurrency”
News.Bitcoin.com reported on the expansion of Panda Exchange in the past few years. In 2018, Panda expanded its cryptocurrency to the fiat trading market, and in 2019, the company launched a number of hybrid point of sale (PoS) cryptocurrency ATMs in Bogota and Venezuela.
Panda cooperates with Movii. In order to register and become a verified Panda Exchange user, all an individual needs is a valid Movii account.
The company explained in the announcement: “Since the last quarter of 2020, our platform has been working on this plan and obtaining subsequent approvals in order to be included in this important and innovative ruling.”
Panda further added:
It is now easier than ever to enter the world of cryptocurrency, and thanks to this ruling, crypto asset trading may become a part of your daily life. [Panda Exchange] Comply with all legal and financial requirements set by our partnership with Movii to allow Colombians to operate in crypto assets.
Arley Lozano, founder of Panda Exchange, said in an interview with news.Bitcoin.com that his team is happy to provide Colombian brothers and sisters with more crypto assets. “This is the opportunity our team has been waiting for, and finally the government opened the door to the real adoption of cryptocurrency,” Lozano emphasized. The founder of the exchange concluded: “We are very happy to be one of the crypto platforms chosen by the Colombian financial authorities.”
What do you think of the nine crypto platforms approved by Superfinanciera for the plan? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Panda Exchange,
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