Crypto Exchange Gemini to Enable Bitcoin Trading in Colombian Bank

Colombian bank Bancolombia has teamed up with cryptocurrency exchange platform Gemini to facilitate Bitcoin trading in the South American nation. The initiative will launch on December 14 as part of a government-sponsored pilot programme aimed at observing public inclination towards Bitcoin trading. The Bancolombia bank and its subsidiaries has around 18 million customers across the Panama, Central America, and Guatemala among other regions.

Along with Bitcoin, the partnership will enable the option of trading in Ether, Litecoin, and Bitcoin Cash for over 50 million Colombian natives.

“Crypto is borderless by nature, and we are committed to expanding crypto access to individuals across the globe. Our partnership is part of a one-year pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC),” Cynthia Del Pozo Garcia, Principal, Strategy and Corporate Development associate from Gemini wrote in an official post.

As of now, it remains unclear if Bancolombia would allow users to withdraw funds saved on Bitcoin or not.

The sentiment around cryptocurrencies is seemingly positive in Colombia meanwhile. As per a report by TripleA, over three million Colombians own crypto assets. In January this year, the SFC had chosen nine crypto exchange platforms to participate in this pro-crypto pilot programme. Along with Gemini, Binance and Mexican firm Bitso also made it to the list.

Amid many countries quizzing over ways to regulate the crypto space, pro-crypto voices from several parts of the world are rooting for the acceptance of cryptocurrencies.

In October, Jane Hume, the Digital Economy Minister of Australia had also validated the crypto space, saying the overall crypto space is not a “fad”, while suggesting the government to be open to upcoming tech innovations.

Recently, the CEO of Australia’s largest bank, Commonwealth Bank also predicted larger risks in not getting into the digital asset industry timely and has signed partnerships with leading crypto players.

Other countries like Russia and Thailand have also cited the high volatility of the crypto market and the financial risks it could lead investors into, saying remains a major reason for concern.