Bancolombia, a Colombian bank, has partnered with cryptocurrency exchange platform Gemini to make Bitcoin trading easier in the South American country. The effort will go live on December 14 as part of a government-backed pilot study to gauge public interest in Bitcoin trading. Bancolombia and its subsidiaries serve around 18 million consumers in Panama, Central America, and Guatemala, among other places.
Over 50 million Colombians will be able to trade Ether, Litecoin, and Bitcoin Cash in addition to Bitcoin as a result of the cooperation.
“By its very nature, crypto has no borders, and we are devoted to bringing crypto to people all across the world.” In an official post, Cynthia Del Pozo Garcia, Principal, Strategy and Corporate Development associate at Gemini, said, “Our relationship is part of a one-year pilot initiative operated by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC).”
It is still unknown if Bancolombia will allow consumers to withdraw monies saved on Bitcoin.
Meanwhile, in Colombia, the opinion toward cryptocurrency appears to be good. According to a TripleA survey, almost three million Colombians hold cryptocurrency. The SFC picked nine crypto exchange sites to participate in this pro-crypto pilot initiative in January of this year. Binance and the Mexican company Bitso joined Gemini on the list.
Many nations are debating how to regulate the crypto area, and pro-crypto voices from all around the world are advocating for cryptocurrency adoption.
Jane Hume, Australia’s Digital Economy Minister, certified the crypto sector in October, claiming that the broader crypto field is not a “fad” and urging the government to be receptive to emerging digital advances.
Recently, the CEO of Australia’s largest bank, Commonwealth Firm, warned that failing to enter the digital asset business early will result in greater dangers, and the bank has formed relationships with prominent crypto companies.
Other nations, such as Russia and Thailand, have expressed worry about the cryptocurrency market’s excessive volatility and the financial dangers it may expose investors to.