Colombia’s Biggest Bank Switches To Bitcoin

Bancolombia will soon allow its customers to exchange cryptocurrencies

Currently, Latin America is extremely fertile ground for the adoption of cryptocurrencies by local governments. Today we are going to Colombia. The multinational banking group Bancolombia has decided to allow the exchange of bitcoin (BTC) as well as 3 other crypto assets for its clients.

Another Latin American Country Starts Cryptocurrency

El Salvador has clearly shown the way to turn Bitcoin into a national currency. In Colombia, Bancolombia Bank, which also has banks in Panama and Guatemala and has at least 18 million customers, has just announced a partnership with exchange platform Gemini. As of this Tuesday, December 14, 2021, some of their customers will be able to use the fiat entry and exit gateways to exchange Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), through the Winklevoss brothers crypto exchange.

Bancolombia will soon allow its customers to exchange cryptocurrencies

If the Gemini first sought to develop in North America, now they intend to become more international. According to a press release from Cynthia Del Pozo, director of strategy and development for Gemini, “This partnership represents an important step in the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem and supporting crypto assets that put Colombians in control of their financial lives. Cryptocurrencies, by their nature, have no borders, and we are committed to expanding access to cryptocurrencies to as many people around the world as possible.”

This integration of the Twins into Bankolombia is also supported by a program from the Colombian government. Indeed, the local financial regulator, the Superintendencia Financiera de Colombia (SFC), has made it easier for citizens of the country to access cryptocurrencies. The future will show us if this experience succeeds and if the inhabitants are present.