Colombia Launches Bitcoin Sandbox – Bitcoin Magazine: Bitcoin News, Articles, Charts and How-tos

Colombia has approved eight bitcoin exchanges for regulatory sandbox testing due to begin this month.

The Financial Superintendency of Colombia (FSC) recently approved nine alliances between local, regulated banks and cryptocurrency exchanges. Initial partnerships reportedly include: Bancolombia with Gemini; Davivienda and Powwi with Binance; Banco de Bogotá with Bitso and Buda; Coltefinanciera with Obsidiam; Cooking with Banexcoin; and Movii with Panda and Bitpoint.

Since 2020, the FSC has been focusing on research into the use of Bitcoin in the country. An official notice was released late last year to clarify that there are no bans on companies in the country using their funds to buy Bitcoin.

According to reports, this latest pilot, called “LaArenera” (or “Sandbox”), may last until 2022. Finally, the partners will conduct financial operations under the control of Colombian regulators.

“The regulatory authority reported that once the application and selection phase has been completed, the structuring phase will begin in which exchanges and banks will carry out operations with crypto assets,” said Explica. “One aspect that stands out is that two of the most important exchanges in the Bitcoiner ecosystem have applied for ratings. In the event that Binance and Gemini successfully complete the assessments together with the allied banks, they would formalize their operations for the local market with the approval of the authorities. “

Bitcoin will cause global change, and this sandbox program is already realizing that potential in an underdeveloped country recognized for its place in the drug market but not known for the real opportunities it presents to future investors. This pilot program could change the perception of Bitcoin around the world and lead Colombia to view it as a valid investment for its own citizens, as well as a future part of the Colombian stock market and its essential economic infrastructure.

Colombia is paving the way, and this country could soon be seen as the first retirement option for Bitcoin millionaires and Bitcoin investors around the world who know that their Bitcoin wealth is valued in a beautiful country that is still far too has to discover.

This is a guest post by Gaby Vivas. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.