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

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

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 currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens.

Colombia’s Financial Superintendent Wants to Spread Crypto Accessibility

The Republic of Colombia in South America has been amicable toward crypto resources like bitcoin (BTC) and other computerized monetary forms throughout the long term. All the more as of late, during the principal seven day stretch of January 2021, the Superintendence of Corporations in Colombia clarified in an authority roundabout that neighborhood firms can use money to buy bitcoin.

Presently the Financial Superintendence of Colombia (Superfinanciera) or FSC has uncovered a preliminary between directed monetary foundations in the country and computerized cash trades.

The association attached to Colombia's Ministry of Finance and Public Credit shared a tweet on January 29, 2021, that educated the general population about the partnership between various public banks and a select gathering of crypto trades. The mission is to empower more cryptographic money activities to make the crypto economy in Colombia more open.

The activity began in 2020, and various trades needed to get endorsement from the FSC to partake. Until this point in time, the monetary guard dog affirmed nine advanced cash trades up until now, and the stages Movii and Panda Exchange were incorporated.

"The Evaluation and Monitoring Committee of the public authority pilot that will empower money in and money out activities in monetary results of store in the interest of crypto resource trade stages chosen nine out of fourteen activities that applied for tests," the FSC clarified. Basically, the Colombian government's crypto sandbox was made to improve new advances and monetary items.

The Colombian Superintendence further said:

The pilot project does not have an impact on the current regulatory framework suitable for crypto assets, that is to say, it does not change the allocation of responsibilities in the information and risk management of this kind of transactions nor it could be understood as an authorization for the financial system to use the public’s savings to perform these operations or for the exchange platforms to be under the supervision of Superfinanciera.

Panda Exchange Founder: 'The Colombian Government Opened the Door to Real Crypto Adoption' has covered the extension of Panda Exchange during the most recent couple of years. In 2018, Panda extended its crypto-to-fiat exchanging markets, in 2019 the organization dispatched various cross breed retail location (PoS) crypto ATMs in Bogota and Venezuela.

Panda is joined forces with Movii and to become enlisted and a confirmed Panda Exchange client, each of the an individual necessities is a legitimate Movii account.

"Our foundation has been dealing with this activity and resulting endorsement since last quarter of 2020 to be remembered for that significant and creative decision," the organization clarified during the declaration.

Panda further added:

Now it is easier than ever to take part of the cryptocurrency world, thanks to this ruling, crypto assets trading could be part of your everyday life. [Panda Exchange] meets all the legal and financial requirements set to be authorized to enable operations in crypto-assets for Colombians through our partnership with Movii.

Talking with, Panda Exchange author Arley Lozano said his group was excited to make crypto resources more available to his Colombian siblings and sisters. "This is a chance that our group was hanging tight for lastly the public authority has made the way for the genuine crypto appropriation," Lozano pushed. "We are amazingly glad to be one of the crypto stages that was picked by Colombia's monetary specialists," the trade organizer finished up.


FEBRUARY 12, 2021