Beginning December 14, Colombian residents will buy cryptocurrencies straight from their bank accounts. Bancolombia, the country’s biggest bank, has teamed with digital asset exchange Gemini to provide cryptocurrency services.
Colombia plans to increase cryptocurrency use.
Colombians will be allowed to purchase cryptocurrencies using their bank accounts shortly. Gemini, a US-based exchange, has announced that it has finished the implementation, allowing Colombians to acquire digital assets using monies in their Bancolombia accounts.
Gemini will offer the technology for the exchange and custody of digital assets for withdrawals, deposits, and holding of the new asset class. Bancolombia will be in charge of the client’s pesos, the nation’s main currency.
According to Cynthia Del Pozo, principal, strategy, and corporate development director at Gemini, the agreement is a key step toward the exchange’s growth in Latin America. The company aspires to help Colombia’s cryptocurrency ecosystem and enable people to take control of their finances.
In 2020, the nation’s biggest bank will have over 16 million customers and total assets of $275.76 billion. The move is part of Colombia’s new regulatory sandbox, which has made modest progress since its April rollout. The sandbox was created to foster financial services innovation by providing specific benefits to emerging enterprises looking to test their feasibility.
Citizens of Colombia will be allowed to buy cryptocurrency beginning December 14. During the one-year trial program, controlled by the nation’s financial regulator, the Financial Superintendence of Colombia, only a restricted number of customers will be allowed to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash from their accounts.