TL;DR Breakdown
• Buda.com is behind the legal cryptocurrency exchange project in Colombia.
• The crypto services in the pilot plan will begin in the second week of August.
In August, the National Bank of Bogotá will admit transactions from the Buda.com platform, which focuses its protocol on cryptocurrencies. Crypto services will be free so that users can benefit from them without fear. All this is part of an experiment that the Bogotá Bank and the Buda Company have agreed on.
Bogotá Bank will accept crypto services
The bank will accept deposits and withdrawals to the crypto exchange, and thus customers can make purchase/sale operations in crypto. This would be a pilot plan that supports the Colombian authorities to enter the crypto market. Buda.com, with the national bank, is finishing the project to open the business in August.
On this occasion, the legality of the banking movements supported by the national bank is considered. With this formality, Colombian crypto fans are not afraid of the possible regulations issued by the Bogotá bank.
This crypto services model was also tested in Argentina with a virtual bank. As reported by the country’s local media in South America, Brubank warns of an unapproved operations ban in crypto.
Something very similar happened in the United Kingdom, where Barclays bank banned crypto services for security reasons. However, these are measures that users in the UK and Argentina can bypass by using other unregulated banks.
Cryptocurrency regulations in Colombia
As in many countries, Colombia has crypto operations regulators, although with a different way of working. The national government’s goal is to create a Sandbox system in which nine cryptocurrency companies will participate.
These companies established in the Sandbox will study the different operations within a controlled scheme. With this way of working, it will be possible to understand that the crypto market works and regulations will be avoided.
The Bogotá and Buda banks are part of the Sandbox, and their goal is to use it with 5,000 clients. But these crypto operations between the two companies are not taking place within the Sandbox. The link that the bank and Buda.com have with Sandbox will be a test, but the Colombian authority also supports it.
Buda manager, Alejandro Beltrán, clarifies that this test plan is not part of regulating crypto operations. But it is a project in which the national Superintendency will be shown how the crypto market works.
There is a certainty that Buda.com will enter the crypto-fiat market in the coming months legally and safely. With this project, Colombians can use crypto without problems, giving way to a new financial market. The National Bank and Buda pilot plan will be released for the second week of August.
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