The tests between Binance y Davivienda would be framed in the regulatory sandbox promoted by the Financial Superintendence of Colombia, so that the bank’s customers could in practice buy and sell cryptocurrencies from the exchange.
The international exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. with the largest trading volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. worldwide, Binance, will officially start operations within the framework of the pilot plan for the commercialization of cryptocurrencies in Colombia, together with the bank Davivienda.
Binance will start operations with Davivienda
This was revealed by the director of operations for Binance Maximiliano Hinz, who emphasized that this joint project is part of what was originally agreed upon in the sandbox regulatory led by the Financial Superintendence of Colombia – better known as LaArenera -where several exchanges would work hand in hand with local banks to facilitate operations of buying / selling cryptocurrencies with Colombian pesos.
“After the great challenge of this pilot plan, we are very pleased to start operations as this represents a great opportunity to demonstrate that we are on the right track, following what our CEO Changpeng Zhao said, that we will go for every opportunity we have to obtain licenses around the world”.
In addition to the above, Hinz emphasized that the intention of Binance Once the startup phase is completed, monitoring and feedback will be to bring their services to as many users as possible in the Caribbean country, so they will work on several fronts especially to bring educational content about cryptocurrencies to residents of the nation. The representative of the exchange also highlighted the strategic importance of Colombia in terms of crypto adoption, since in Latin America it is among the countries that capitalize the largest volume of commercial operations with digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies at the regional level.
The alliance between Binance y Davivienda would allow users to deposit and withdraw funds from their bank accounts to trade cryptocurrencies through the exchange. However, it is unknown when these operations will formally begin and if they will be open to the public in a first stage.
About the pilot program
The pilot programme in question is part of the ongoing initiatives under the sandbox regulatory operated by the Financial Superintendence. The proposal formally emerged in September last year, and the agency invited local and international exchanges interested in offering their services in the country to start operating hand in hand with Colombian banks.
Participating companies and banks include the following:
- Banco de Bogota – Bitso
- Banco de Bogota – Buda
- Bancolombia – Gemini
- Coltefinanciera – Obsidiam
- Davivienda – Binance
- Powwi – Binance
- Coink – Banexcoin
- Movii – Panda
- Movii – Bitpoint
Let’s keep in mind that at the end of last year, the US-based international exchange, Gemini, revealed that it would also initiate tests of this type hand in hand with Bancolombia. The news was confirmed at the time by the vice president of the business area for the banking institution , Cristina Arrastía, who indicated that the pilot will last for one year and will be framed in the program that is carried out within the Sandbox regulatory, so that operations will begin as of December 14.
As for the sandbox regulatory, the director of the Financial Superintendence of Colombia Jorge Castaño, indicated that the ongoing pilot program involving cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchanges and local banks will come to an end next March 2022, at which time they will make a decision on the commercialization of digital currencies in the South American country.
However, critics and analysts have pointed out that the pilot program has not advanced at the expected speed, and that there have been many bureaucratic hurdles to ensure due compliance with the respective processes.
- “Pilot program with exchanges in Colombia will culminate in March 2022”, announces Financial Superintendence
- Exchange Gemini and Bancolombia will start pilot program for the purchase – sale of cryptocurrencies in Colombia
- Congressman Mauricio Toro introduces before Congress Bill to regulate exchanges in Colombia
Version by Angel Di Matteo / DiarioBitcoin
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