Colombia Stops Short of Bitcoin Ban, Bars Banks From Industry
The Superintendencia Financiera de Colombia (SFC), the government body responsible for overseeing financial systems in the South American nation, issued new guidance on its treatment of bitcoin and other digital currencies on Wednesday, 26th March. Notably, the release was distributed one day after it was was originally expected on Tuesday, 25th March. Despite reports that the SFC could enact harsh restrictions on bitcoin - one report suggested it would go so far as to ban bitcoin transactions altogether, the SFC issued what amounted to a boilerplate warning to consumers, and blocked....
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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....
Colombia may ban Bitcoin transactions next week. El Tiempo is reporting that Colombia is planning to ban all Bitcoin-related transactions next week. This news comes as quite a shock because the fact of the matter is Colombia is not exactly the first country that people think about when it comes to hotspots of cryptocurrency. The Finance Superintendent of Colombia has claimed that virtual currencies are not safe because they have no backing from government. He claims that Colombia already has a safe and useful currency and there's no reason for people to use bitcoins. The El Tiempo article....
On Tuesday, 1st April, Banco Central de Colombia, the central bank of the South American nation, issued new statements regarding bitcoin, confirming that the digital currency is not considered a currency or a means of legal tender in the country. The news comes roughly one week after the Superintendencia Financiera de Colombia (SFC), the government body with jurisdiction over the Colombian financial system, issued a ruling that domestic banks would be barred from holding, investing in or brokering bitcoin transactions. Said the central bank, according to reports: "The bitcoin is not a....
The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers.
Virtual Asset Service Providers to Be Regulated in Colombia
Regulation is becoming a key goal for countries in Latam, where cryptocurrency adoption is growing at significant rates. Now, the Financial Superintendence of....
The South American country of Colombia has a crumbling financial system but the bitcoin market has enormous potential. Bitcoin.com interviewed SurBTC’s CEO Guillermo Torrealba about the bitcoin market in Colombia. Colombia has Enormous Potential. SurBTC operates bitcoin exchanges in Chile and Colombia. The company launched the Colombian exchange at the....