Pilots authorized for transactions with virtual currencies in Colombia

The Financial Superintendence of Colombia structured a pilot project in order to promote a joint test space between the digital ecosystem and the National Government in terms of crypto assets.

For that end, companies may carry out exchange transactions, that is, purchase and sale with crypto assets, as long as the traceability of virtual currencies is clear.

In the same way, companies interested in participating in the initiative must ally with an entity supervised by the Superintendency and present constant reports on the activities that have taken place in the controlled environment.

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That entity pointed out that the evolution in technological advances, the new provisions of international authorities and the local regulatory framework, generate a new environment to evaluate operations with crypto-asset exchange platforms, using banking products from the financial system.

The Superfinanciera clarified that in this authorized controlled space is not legalizing the credit assets in Colombia, rather, a space is being set up to evaluate the transactions of said digital currencies.

“It does not change the assignment of responsibilities in the information and risk management of this type of transactions, nor can it be understood as an authorization for the financial system to use public savings to carry out this type of operation ”, clarified the entity.

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In that sense, The pilot test will be developed through five stages: application, selection, structuring, follow-up and feedback.

Finally, Applications that meet the general requirements will be evaluated by a Committee made up of the Presidency of the Republic, the Superintendency of Companies and Finance, the UIAF and the representation of the academy, taking into account criteria of innovation, inclusion, reliability and transparency.

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