Arley Lozano, BCH, Bitcoin, bitcoin cash, BTC, colombia, colombian, Colombian Government, Colombian National Banks, crypto assets, Cryptocurrency, Finance, financial products, Financial Superintendence of Colombia, Movii, National banks, Panda Exchange, Panda Founder, Superfinanciera

In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens.

Colombia’s Financial Superintendent Wants to Spread Crypto Accessibility

The Republic of Colombia in South America has been friendly toward crypto assets like bitcoin (BTC) and other digital currencies over the years. More recently, during the first week of January 2021, the Superintendence of Corporations in Colombia explained in an official circular that local firms can leverage capital to purchase bitcoin.

Now the Financial Superintendence of Colombia (Superfinanciera) or FSC has revealed a trial between regulated financial institutions in the country and digital currency exchanges.

The organization tied to Colombia’s Ministry of Finance and Public Credit shared a tweet on January 29, 2021, that informed the public about the alliance between a number of national banks and a select group of crypto exchanges. The mission is to enable more cryptocurrency operations to make the crypto economy in Colombia more accessible.

Arley Lozano, BCH, Bitcoin, bitcoin cash, BTC, colombia, colombian, Colombian Government, Colombian National Banks, crypto assets, Cryptocurrency, Finance, financial products, Financial Superintendence of Colombia, Movii, National banks, Panda Exchange, Panda Founder, Superfinanciera

The initiative started in 2020, and a number of exchanges had to get approval from the FSC in order to participate. To date, the financial watchdog approved nine digital currency exchanges so far, and the platforms Movii and Panda Exchange were included.

“The Evaluation and Monitoring Committee of the government pilot that will enable cash-in and cash-out operations in financial products of deposit on behalf of crypto asset exchange platforms selected nine out of fourteen initiatives that applied for tests,†the FSC explained. Essentially, the Colombian government’s crypto sandbox was created to enhance new technologies and financial products.

The Colombian Superintendence further said:

Panda Exchange Founder: ‘The Colombian Government Opened the Door to Real Crypto Adoption’

News.Bitcoin.com has reported on the expansion of Panda Exchange during the last few years. In 2018, Panda expanded its crypto-to-fiat trading markets, in 2019 the company launched a number of hybrid point-of-sale (PoS) crypto ATMs in Bogota and Venezuela.

Arley Lozano, BCH, Bitcoin, bitcoin cash, BTC, colombia, colombian, Colombian Government, Colombian National Banks, crypto assets, Cryptocurrency, Finance, financial products, Financial Superintendence of Colombia, Movii, National banks, Panda Exchange, Panda Founder, Superfinanciera

Panda is partnered with Movii and in order to become registered and a verified Panda Exchange user, all an individual needs is a valid Movii account.

“Our platform has been working on this initiative and subsequent approval since last quarter of 2020 in order to be included in that important and innovative ruling,†the company explained during the announcement.

Panda further added:

Speaking with news.Bitcoin.com, Panda Exchange founder Arley Lozano said his team was thrilled to make crypto assets more accessible to his Colombian brothers and sisters. “This is an opportunity that our team was waiting for and finally the government has opened the door to the real crypto adoption,†Lozano stressed. “We are extremely happy to be one of the crypto platforms that was chosen by Colombia’s financial authorities,†the exchange founder concluded.

What do you think about the Superfinanciera approving nine crypto platforms for this initiative? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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