Banco de Bogotá, the oldest bank in Colombia, has begun the next stage for its crypto-pilot which will let 5,000 of its customers use crypto listed on Bitso and Buda crypto exchanges.
The country began its crypto-project pilot in March. As part of it, clients over the age of 25 were allowed to trade crypto for Colombian pesos and conversely via interfaces linked to the exchanges.
The first phase focused on deposits and withdrawals of crypto, but the second phase will take it one step further, as it will allow the spending of crypto through bank cards and app platforms.
The Buda interface is planned to start working this month with Bitso to begin in October. They will also permit “cash-in and cash-out” transactions.
“Participants will be able to carry out ‘cash-in’ or ‘cash-out’ operations in the deposit product in the name of the cryptoactive platform for a maximum accumulated monthly amount of $ 49.9 million per month.”
Óscar Bernal, the Vice President of Technology at Banco de Bogotá, declared:
The pilot will last a year.
Source: Ambcrypto.com