Oldest Bank in Colombia Launches Cryptocurrency Transaction Test

Colombia's Portafolio news agency announced that Banco de Bogotá, the oldest bank with 670 branches across the country, has launched a pilot crypto project.

In the course of this financial experiment, some of the bank's clients will be able to conduct cryptocurrency transactions through the Banco de Bogotá platform.

The test of the system will take place in March and will last for about a year, allowing consumers to withdraw, replenish and transfer funds using desktop and mobile devices.

No one has canceled the trading of cryptoassets and their exchange for traditional money - Colombian pesos using direct transfers to their own bank accounts. These features will also be available.

The project is only part of the global plan of the country's leading financial regulator - Superfinanciera. Despite the regulator's partnership with many promising projects, such as the Gemini of the Winklevoss brothers, its attention is now focused precisely on the innovation of Banco de Bogotá. Mainly due to the cooperation of the latter with the two most popular Latin American cryptocurrency exchanges - Bitso and Buda.

The regulator immediately lowered its potential risks by declaring to citizens that it does not bear any obligations regarding the official recognition of cryptocurrencies by the state.

Superfinanciera added that crypto assets are currently unregulated and it is worth thinking twice before investing in them.

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