Colombia: Gemini and Bancolombia Will Start Offering Crypto Services Next Week

Colombians will soon be able to purchase their favourite cryptocurrencies with their bank accounts, just like they can buy any other product.

Gemini, a US-regulated cryptocurrency exchange, announced that it has completed all necessary steps to implement a project that will allow Colombians access to funds held on their Bancolombia accounts to purchase cryptocurrencies.

This partnership is crucial for the development and growth of the local crypto market. Bancolombia, the country’s largest bank, has total assets of $275.76 billion in 2020. It also boasts over 16 million users.

Gemini and Bancolombia partner to offer crypto services in Colombia

The move could be a way for millions of Colombians, but it will only allow them to access crypto-worlds without any friction. The service will not be available to everyone, according to Bancolombia and Gemini.

The project will be in effect for one year and will begin on December 14, 2021. All eligible users will have the ability to purchase bitcoin (BTC), Ether(ETH), Litecoin [LTC], and Bitcoin Cash (BCH] from Gemini with their Bancolombia accounts.

This means that Gemini would be responsible for cryptocurrencies and Bancolombia would oversee all matters relating to the movement of Colombian pesos, which is the country’s official currency.

This project is being carried out within the regulatory sandbox the country is currently using to encourage innovation in financial services. It is therefore heavily restricted and slow down.

Startups who wish to validate their ideas but cannot implement them due to bureaucratic and legal obstacles may be granted certain benefits by government regulators.

Cynthia Del Pozo is Gemini’s Principal Strategy and Corporate Development. She shared her excitement via a blog post. She noted that the crypto industry could be a catalyst for many Latin American economies expanding.

We believe crypto is not bound by borders and are committed to increasing crypto access for all peoples around the world. As Latin America’s interest in innovative technologies and blockchain grows, we believe crypto can play a significant role in developing the country.

We invite institutions across Latin America to contact us to explore crypto opportunities as we continue our mission to build the future finance.

The Trend of Regulatory Sandboxes

The Financial Superintendency of Colombia is working with other regulatory bodies to promote Colombia’s regulatory sandbox.

9 projects have been approved for implementation. Only two of the 9 projects are currently operational: Gemini with Bancolombia, and Bitpoint exchange and payment startup MOVii. Others include Binance and the Latin exchanges Bitso,

Spain and Brazil have similar policies to Colombia’s. Brazil’s regulatory sandbox focuses on fast, efficient payment systems. Spain, however, seeks to improve its security and compliance.

Spain is working to improve its crypto game. In its 2020-2024 development plan, the Central Bank of Spain prioritizes the design and implementation of a CBDC. It is a little slower than the Brazilian counterpart, which plans to launch its own CBDC next spring.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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