Bitcoin Trading Is Coming to Colombian Lender Bancolombia; Crypto Exchange Gemini to Enable Transactions

A total of nine crypto exchanges including Binance, Gemini, and Bitso have been chosen by the Colombian government for this crypto trading initiative.

Bitcoin Trading Is Coming to Colombian Lender Bancolombia; Crypto Exchange Gemini to Enable Transactions

Photo Credit: Unsplash/ Flavia Carpio

Over three million Colombians already own crypto assets

  • Ether, Litecoin, Bitcoin Cash are other cryptos to be open for trading
  • Details around withdrawal of fund locked in crypto assets unclear
  • This pro-crypto initiative will launch on December 14 in Colombia

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.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 
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Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at More
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