Bitcoin Trading Coming to Colombia Lending Bancolombia; Crypto Exchange Gemini to enable trading
Colombian Bank Bancolombia has partnered with cryptocurrency exchange Gemini to facilitate Bitcoin trading in the South American country. The initiative will launch on December 14 as part of a government-sponsored pilot program that aims to observe public trends 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 allow trading options Ether, Litecoin, and Bitcoin Cash for more than 50 million Colombian natives.
“Cryptocurrencies are borderless by nature and we are committed to expanding cryptocurrency access to individuals globally. Our partnership is part of a year-long pilot program run by Colombia’s financial regulator, Superintendencia Financiera de Colombia (SFC),,” said Cynthia Del Pozo Garcia, Principal, associates Strategy and Corporate Development from Gemini written in one official post.
At the moment, it is not clear whether Bancolombia will allow users to withdraw their Bitcoin savings.
Meanwhile, sentiment around cryptocurrencies looks positive in Colombia. According to a The report by TripleA, more than three million Colombians own crypto assets. In January of this year, the SFC selected nine crypto exchange platforms to participate in this crypto pilot program. Together with Gemini, Binance and Mexican company Bitso also made the list.
Amidst many countries wondering about ways to regulate the crypto space, pro-crypto voices from several parts of the world are rooting for adoption. electronic money.
In October, Jane HumeAustralia’s Digital Economy Minister has also endorsed the crypto space, saying that the overall crypto space is not “fashionable”, while also suggesting the government is open to technological innovations. Upcoming.
Recently, the CEO of Australia’s largest bank, Commonwealth Bank, also predicted the greater risks of not entering the digital asset industry in time and has signed a partnership with crypto players. top death.
Other countries like Russia and Thailand have also cited the high volatility of the crypto market and the financial risks it could lead investors into, saying that remains the main reason for concern.
