Bitcoin exchanges to open bank accounts in Colombia in 2022

The head of the Financial Superintendency of Colombia, Jorge Castaño, expects selected cryptocurrency exchanges to be able to open accounts with Colombian banks by the end of March 2022.

Also, by this time, it is expected to complete a pilot test to regularize transactions with cryptoassets, which involves 8 Colombian banking institutions and 8 cryptocurrency exchanges.

The participants in the project are Banco de Bogotá in association with Bitso and Buda; Bancolombia associated with Gemini; Coltefinanciera with Obsidiam; Davivienda and Powwi in collaboration with Binance; Coink with Banexcoin; and finally Movii, in association with Panda and Bitpoint.

The Financial Superintendent admitted that they learned a lot in a one-year process. Likewise, he hopes that upon completion of the testing phase, the regulator will be able to select appropriate associations to provide cryptoasset exchange services in Colombia.

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