Bitcoin Trading Comes To Colombian Lender Bancolombia; Crypto Exchange Gemini to activate transactions
Colombian bank Bancolombia has partnered with cryptocurrency exchange platform Gemini to facilitate bitcoin trading in the South American nation. The initiative will launch on December 14 as part of a government-sponsored pilot program to observe the public’s inclination towards Bitcoin trading. Bancolombia Bank and its subsidiaries have approximately 18 million customers across Panama, Central America and Guatemala, among other regions.
With Bitcoin, the partnership will offer the possibility of exchanging Ether, Litecoin and Bitcoin Cash to more than 50 million Colombians.
âCrypto is inherently borderless, and we are committed to expanding access to crypto to people around the world. Our partnership is part of a one-year pilot program managed by the Colombian financial regulator, Superintendencia Financiera de Colombia (SFC), âwrote Cynthia Del Pozo Garcia, Senior Partner, Strategy and Corporate Development at Gemini in a official message.
As of yet, it is not clear whether Bancolombia would allow users to withdraw funds saved on Bitcoin or not.
Meanwhile, sentiment around cryptocurrencies is apparently positive in Colombia. According to a report by TripleA, more than three million Colombians own crypto assets. As of January of this year, the SFC had chosen nine crypto exchange platforms to participate in this pro-crypto pilot program. Along with Gemini, Binance and Mexican firm Bitso were also on the list.
Amid many countries questioning how to regulate the crypto space, pro-crypto voices from several parts of the world are taking root for the acceptance of cryptocurrencies.
In October, Jane Hume, Australia’s Minister for Digital Economy, also validated the crypto space, saying the global crypto space was not a “fad,” while suggesting the government be open to technological innovations. future.
Recently, the CEO of Australia’s largest bank Commonwealth Bank also predicted greater risks of not entering the digital asset industry in a timely manner and signed partnerships with major crypto players.
Other countries like Russia and Thailand have also cited the high volatility in the crypto market and the financial risks it could pose for investors, saying they remain a major cause for concern.