Soon the people of Columbia will have a new option in buying their favorite crypto assets i.e. they can now buy crypto just as easily as buying other items through a bank account.
The Gemini -regulated crypto asset exchange announced that they have finally successfully completed all the steps needed to move into the implementation phase of a project that will allow Colombians to buy crypto assets with funds deposited in their Bancolombia accounts.
This announcement and collaboration is positive and important news for the development of the local crypto industry as Bancolombia is the largest bank in the country. It has total assets of $ 275.76 billion in 2020 and over 16 million users in the same year.
This move can be interpreted as a catalyst that will open the door for millions of Colombians to plunge into the world of crypto even though at this point it has a limit on the number of users. Neither Gemini nor Bancolombia stated the number of people eligible for the service.
The project is expected to run for one year, starting December 14, 2021. During that time, all eligible users will be able to purchase bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from Gemini using the account Their Bancolombia.
For example, Gemini will handle processes involving crypto assets, and Bancolombia will handle all matters concerning the movement of any amount of the Colombian peso -the country’s official currency. This project has also received permission to be implemented under the supervision of an authoritative body. This is one way to stimulate innovation in financial services.
