Colombia’s Financial Superintendent Approves Nine Crypto Platforms to Work With National Banks – Finance Bitcoin News

In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital forex exchanges. So far, Colombia’s monetary division has authorised 9 partnerships between exchanges and nationwide banks so as to make cryptocurrency operations extra accessible to residents.

Colombia’s Financial Superintendent Wants to Spread Crypto Accessibility

The Republic of Colombia in South America has been pleasant towards crypto belongings like bitcoin (BTC) and different digital currencies over time. More just lately, in the course of the first week of January 2021, the Superintendence of Corporations in Colombia explained in an official round that native companies can leverage capital to buy bitcoin.

Now the Financial Superintendence of Colombia (Superfinanciera) or FSC has revealed a trial between regulated monetary establishments within the nation and digital forex exchanges.

The group tied to Colombia’s Ministry of Finance and Public Credit shared a tweet on January 29, 2021, that knowledgeable the general public in regards to the alliance between quite a lot of nationwide banks and a choose group of crypto exchanges. The mission is to allow extra cryptocurrency operations to make the crypto financial system in Colombia extra accessible.

Colombia's Financial Superintendent Approves Nine Crypto Platforms to Work With National Banks

The initiative began in 2020, and quite a lot of exchanges had to get approval from the FSC so as to take part. To date, the monetary watchdog authorised 9 digital forex exchanges up to now, and the platforms Movii and Panda Exchange have been included.

“The Evaluation and Monitoring Committee of the government pilot that will enable cash-in and cash-out operations in financial products of deposit on behalf of crypto asset exchange platforms selected nine out of fourteen initiatives that applied for tests,” the FSC defined. Essentially, the Colombian authorities’s crypto sandbox was created to improve new applied sciences and monetary merchandise.

The Colombian Superintendence additional mentioned:

The pilot challenge doesn’t have an effect on the present regulatory framework appropriate for crypto belongings, that’s to say, it doesn’t change the allocation of duties within the information and danger administration of this type of transactions nor it may very well be understood as an authorization for the monetary system to use the general public’s financial savings to carry out these operations or for the alternate platforms to be beneath the supervision of Superfinanciera.

Panda Exchange Founder: ‘The Colombian Government Opened the Door to Real Crypto Adoption’ has reported on the enlargement of Panda Exchange throughout the previous few years. In 2018, Panda expanded its crypto-to-fiat buying and selling markets, in 2019 the corporate launched quite a lot of hybrid point-of-sale (PoS) crypto ATMs in Bogota and Venezuela.

Colombia's Financial Superintendent Approves Nine Crypto Platforms to Work With National Banks

Panda is partnered with Movii and so as to change into registered and a verified Panda Exchange consumer, all a person wants is a legitimate Movii account.

“Our platform has been working on this initiative and subsequent approval since last quarter of 2020 in order to be included in that important and innovative ruling,” the corporate explained in the course of the announcement.

Panda additional added:

Now it’s simpler than ever to take a part of the cryptocurrency world, thanks to this ruling, crypto belongings buying and selling may very well be a part of your on a regular basis life. [Panda Exchange] meets all of the authorized and monetary necessities set to be approved to allow operations in crypto-assets for Colombians by our partnership with Movii.

Speaking with, Panda Exchange founder Arley Lozano mentioned his staff was thrilled to make crypto belongings extra accessible to his Colombian brothers and sisters. “This is an opportunity that our team was waiting for and finally the government has opened the door to the real crypto adoption,” Lozano careworn. “We are extremely happy to be one of the crypto platforms that was chosen by Colombia’s financial authorities,” the alternate founder concluded.

What do you concentrate on the Superfinanciera approving 9 crypto platforms for this initiative? Let us know what you concentrate on this topic within the feedback part beneath.

Tags on this story
Arley Lozano, BCH, Bitcoin, bitcoin cash, BTC, colombia, colombian, Colombian Government, Colombian National Banks, crypto assets, Cryptocurrency, Finance, financial products, Financial Superintendence of Colombia, Movii, National banks, Panda Exchange, Panda Founder, Superfinanciera

Image Credits: Shutterstock, Pixabay, Wiki Commons, Panda Exchange,

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