Banco de Bogotá of Colombia pushes through with its crypto pilot test 

Banco de Bogotá, Colombia’s oldest bank, has announced that it will finally adopt cryptocurrencies through its crypto pilot test.

According to reports, the first stage of its crypto test will allow 5,000 of its clients to use cryptocurrencies listed on Bitso and Buda cryptocurrency exchanges. 

But this isn’t the bank’s first venture into cryptocurrencies. Previously, Banco de Bogotá has partnered with two crypto exchanges for its cryptocurrency-sandbox project operated by Superintendencia Financiera, one of Colombia’s biggest financial regulators. 

Colombia started its crypto pilot project last March and allowed its customers who are 25 years old above to trade cryptocurrencies for Colombian pesos and vice versa. 

The first phase involved allowing clients to deposit and withdraw cryptocurrencies. But in the project’s second phase, will focus on spending cryptos using bank cards and app platforms. 

Cash-in and cash-out features

“Participants will be able to carry out “cash-in” or “cash-out” operations in the deposit product in the name of the crypto active platform for a maximum accumulated monthly amount of $49.9 million per month,” the report said. It also added that the two exchanges are currently structuring their operational model. 

Óscar Bernal, vice president of technology at Banco de Bogotá said that if the government would craft regulatory policies for the country’s crypto industry, it desires to participate and provide its expertise. 

He said that participating in the creation of the Colombian regulatory framework would be good for the country’s rising cryptocurrency industry. 

A closer look at Banco de Bogotá

Banco de Bogotá (Bank of Bogotá) is the first commercial bank in Colombia. It was founded in 1870 and currently operates 650 branches and five corporate service centers. 

It was founded by Salomon Koppel, and its current chief executive officer, Alejandro Figueroa Jaramillo, is the bank’s chief executive officer since 1988. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/banco-de-bogota-of-colombia-pushes-through-with-its-crypto-pilot-test/