Crypto services: Bogotá Bank and Buda.com partner to offer their clients cryptocurrencies transactions

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Today Cryptobank and Buda.com are announcing a partnership agreement to offer the Bitcoin (BTC) and Ethereum (ETH) services to their customers. The agreement will allow them to offer the customers a seamless way to send, receive and hold cryptocurrencies with their bank accounts.. Read more about is bitcoin legal in south korea and let us know what you think.

TL;DR Summary

• Buda.com is the company behind Colombia’s first legal bitcoin exchange. The pilot plan’s crypto services will commence in the second week of August.

In August, the National Bank of Bogotá will admit transactions from the Buda.com platform, which focuses its protocol on cryptocurrencies. Crypto services will be free so that users can benefit from them without fear. All this is part of an experiment that the Bogotá Bank and the Buda Company have agreed on.

Crypto services will be accepted by Bogotá Bank.

Customers will be able to make cryptocurrency purchases and sales since the bank will allow deposits and withdrawals to the crypto exchange. This would be a test strategy to assist Colombian authorities with entering the cryptocurrency industry. Buda.com is completing the project with the national bank in order to start the company in August.

The legality of the banking movements sponsored by the national bank is examined at this time. Colombian crypto enthusiasts are no longer concerned about potential restrictions imposed by the Bogotá bank as a result of this formality.

In Argentina, a virtual bank was used to test this crypto services concept. Brubank warns of an unauthorized crypto activities prohibition, as reported by the country’s local media in South America.

A similar situation occurred in the United Kingdom, when Barclays Bank prohibited crypto services due to security concerns. However, users in the United Kingdom and Argentina may get around these restrictions by utilizing unregulated banks.

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Colombian cryptocurrency regulations

Colombia, like many other nations, has crypto operations regulators, although they operate in a different manner. The aim of the national government is to establish a Sandbox system that will include nine cryptocurrency businesses.

The businesses that have been formed in the Sandbox will investigate various activities in a regulated environment. It will be easy to comprehend how the crypto market works with this method of operation, and restrictions will be avoided.

The Sandbox includes the banks of Bogotá and Buda, and their aim is to utilize it with 5,000 customers. However, these crypto transactions between the two businesses do not take place in the Sandbox. The bank’s and Buda.com’s connection to Sandbox will be a test, but the Colombian government supports it.

Alejandro Beltrán, Buda’s manager, emphasizes that this test plan is unrelated to the regulation of crypto activities. It is, however, a scheme in which the national Superintendency will be taught how the cryptocurrency market operates.

Buda.com will undoubtedly join the crypto-fiat market lawfully and securely in the next months. Colombians will be able to utilize cryptocurrency without difficulty as a result of this initiative, paving the door for a new financial sector. For the second week of August, the National Bank and Buda pilot plan will be published.

Buda.com  and  Bogota Bank  have partnered to offer cryptocurrency services to their clients. The two banks are the first in Colombia to offer cryptocurrency accounts for their customers, for which digital currencies will be accepted as payment.. Read more about colombia cryptocurrency tax and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • is bitcoin legal in south korea
  • colombia cryptocurrency regulation
  • crypto ownership by country
  • australian cryptocurrency
  • cryptocurrency volume by country 2020

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