By Andrei Skvarsky.
Banco de Bogota, Colombia’s oldest commercial bank, will test cryptocurrency transaction models and risks in a planned digital pilot project this month organised by the financial regulator of a nation that is one of the world’s main users of cryptocurrencies.
A selected group of clients would make digital transfers of money to Banco de Bogota accounts that would involve conversion of cryptocurrency into Colombian pesos and vice versa as part of the Colombian Financial Superintendency’s project, according to a statement from the 150-year-old bank cited by cryptocurrency website CoinDesk and Colombian financial daily Portafolio.
It was not disclosed which of the world’s thousands of cryptocurrencies would be used in the project.
Late in February Portafolio said Colombia ranked seventh worldwide in terms of scales of use of cryptocurrencies, that there were 687 websites in the South American country selling products or services for cryptos, mainly bitcoin, and that the number of such websites kept growing
The paper said that in 2020 bitcoin transactions in Colombia reached $147m.
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