According to a recent news by local news ‘La Republica,’ crypto currency exchange Buda.com —that own around35,000 accounts in Colombia— ceased its operations in mid Junewhenthe country’s banks decidedto shutall the exchange’s accounts due tothe shortageof guarantees.
The move was reportedly spontaneous; banks confirmed they closed the accountswhile notprovidingadditionalinformation. The exchangelater facedtechnical difficulties,whereasa letter from a Colombianfinancialmanagementofficer reminded banks thatthey’renotlicensedtoactwith crypto platforms.
Now, Buda.combesideits usersand also thecountry’s cryptocurrency association have petitioned President Duqueto assistopenthemercantilismplatform, saying:
“In accordance withthe newestpronouncements of the presidentconcerningpromoting new technologieswithin thecountry,makingareasandadvantagesfor technologieslikeblockchain and cryptocurrencies, haveledthe corporateof Chilean origin toreturntoimplementreopening its operations in Colombia, asking the president toliaiseon his behalf.”
In the letter, Alejandro Beltrán, Country Manager for Colombiaat Buda.com, reportedly asserts that the exchangesolelyasks to receive access to basic banking servicesto start outoperations,accentingthatthe corporatecontributes to the educationof latesttechnologies,and mayfacilitateColombia to develop a healthy and safe cryptobusiness.
President Duque hasantecedentlyrevealed anopen approach to cryptocurrency and blockchain startups, havingpromisedto relax taxes for crypto businesses. Duque reportedlyaforementionedthat thepreparationof advanced technologieswould possiblyfacilitatethe state tackle corruption,furthermoreas improve such areas as security, justice anddrugs. Heprojectedto leverage blockchain and Artificial intelligenceto tracepublic funds anddiscoverabnormalities.
Earlier in April, Chile’s anti-monopoly courtrevealeda ruling, ordering2banks toopenBuda’s accountswhenthe exchange had filed lawsuits against10banks,together withthesaidtwo banks.