Colombian Leading Bank To Trial Crypto Assets Soon.

Colombian Leading Bank To Trial Crypto Assets Soon.

2021-03-04 | Mike Hallen

Colombian Leading Bank To Trial Crypto Assets Soon.

Leading Colombian Bank established earlier in 1870 is to trial crypto assets services via a sandbox project found out by the country’s financial regulator. Banco de Bogotá added earlier on Monday that the pilot program begins this month and will permit the bank to explore business models and risks related to the handling of cryptocurrency, consistent with a Portafolio report. The sandbox from the Financial Superintendence of Colombia is aimed to offer a "joint test space between the digital ecosystem and therefore the National Government in terms of cryptocurrencies," the news source added. The bank will select a limited group of clients for the pilot, who are going to be given the choice to form crypto assets deposits & withdrawals using Banco de Bogotá's mobile & virtual banking channels. As reported earlier, Colombia saw major growth in crypto asset use as a store of wealth also as for transactional purposes earlier last year. Cryptocurrency marketplace, p2p, LocalBitcoins added that Colombia accounted for 11.3% of its global volume earlier in 2020, making it one among the firm’s “main markets” alongside Russia & Venezuela.

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