Colombians will soon be able to buy cryptocurrencies such as Bitcoin directly from their bank accounts.
The new announcement is part of Colombia’s new regulatory environment, which is slowly beginning to bear fruit as more banking institutions begin offering cryptocurrency services to their customers through arrangements with leading crypto firms.
From December 14, Colombians will be able to buy cryptocurrency through Bancolombia, the largest bank in the country, thanks to a deal the bank made with Gemini-owned cryptocurrency exchange.
A limited number of Bancolombia customers will be able to purchase Bitcoin, Ethereum, Litecoin and Bitcoin Cash from their accounts as part of a one-year trial program.
The program will be supervised by the Colombian Financial Supervisory Authority, the country’s financial regulator.
Bancolombia will handle the client’s cash, while Gemini will provide the infrastructure for cryptocurrency exchange and custody, whether for withdrawals, deposits or asset pooling.
From the published press release:
The partnership is an important step towards the strategic expansion of Gemini’s presence in Latin America.
Cynthia del Pozo, who leads strategy and corporate development at Gemini, said:
We look forward to working closely with the Colombian cryptocurrency ecosystem and supporting crypto products that empower Colombians to take control of their financial lives.
Crypto offers in Colombia:
Colombia’s regulatory protection environment is unique among Latin American countries, but it has progressed slowly since its inception in April.
in the last month, one project Only of the nine approved projects has passed the planning stage, which is:
MOVii-Bitpoint initiative that integrates both platforms, so that users can buy crypto via Bitpoint and through their MOVii financial accounts.
The Bancolombia and Gemini joint project will be the second of nine projects going forward, and the first to include the best cryptocurrency trading platform.
Although names like Binance, Bitso, and other trading platforms have been attached and linked to other projects, no progress has been made yet from the initial design phase.
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