• One of six alliances has been fully operational, and the other faces delays due to quality standards.
• Others have also announced their intention to begin operations soon before the Colombian regulator runs out of time.

With just six months remaining of the legal period set by the Financial Superintendence of Colombia (SFC) for the development and execution of the country’s first crypto active pilot plan, the operational alliance of the companies MOVii and Bitpoint is the only one of the six established that is currently active.

Other companies that are associated with exchange platforms have been delayed due to inability to meet the regulatory requirements. Nor do the companies have the technological capacity to give “follow-up and traceability to each movement,”according to local website www.larepublica.co.

To date, the operations carried out by the MOVii – Bitpoint alliance involve some 500 million pesos being traded by around 2,000 active users. In the pilot program, there are cryptocurrencies that can be sold:,, Bitcoin cash.

We continue to learn about the users, review how we can improve it, provide information that makes transactions easy without fear and examine more ways to help the market.”
said MOVii CEO Hernando Rubio.

“We expect to be able to link Ripio soon so that our clients have more options.”
He added.

The Alliances are made up of traditional banks and exchange platforms

Representatives from the Colombian Academic Institutions, as well as representatives of the SFC and the Superintendency of Companies made up the Evaluation and Monitoring Committee of crypto asset pilot plans. They chose participating companies.

These companies were selected from alliances that included traditional banks as well as international exchange platforms. The authorized company alliances that were charged with presenting concrete results within the next six months are: Davivienda and Powwi working together with Binance; Coltefinanciera and Obsidiam; Banco de Bogotá alongside Bitso and Buda.com; Bancolombia (NYSE:) and Gemini; Coink with Banexcoin; and MOVii with Panda and Bitpoint.

“We are continuing to develop the technology and regulations necessary for compliance with the Superfinanciera’s guidelines.”
Mario Castro is the CEO of Coink. The company will shortly launch its operations.

“We need to give our users all assurances when selling and buying digital assets. We also require an infrastructure to do this.”
Castro explained.

The Bancolombia – Gemini alliance is also reportedly about to begin operations along with the alliance headed by Banco de Bogotá.

“We will start cash-in and money out operations within the program we have avec the superintendency’s Sandbox,”
Juan Carlos Mora was the Bancolombia head.

The crypto asset pilot plan, created by the Colombian regulator, seeks to analyze the Colombian market and ensure that future regulated operations comply with certain “security standards and adequate risk management.”

However, digital asset commercialization in Nigeria is currently done in parallel with the financial market. According to the newspaper, banks only provide support for specific applications.

Flipside

• Despite apparent delays with the SFC pilot plans, Colombian authorities are moving quickly to adopt and regulate BTC and other cryptocurrency.

What are the reasons to care?

• Recent approvals by the Innovation Committee of the Financial Superintendency for the first pilot program for secondary market bonds were also made. This was built on the blockchain technology and Smart Contracts within the Sandbox.
• The operation, which will comply with all the stages of a traditional issuance, will be led by the financial entities Davivienda and IDB Invest, with Banco de la República acting as an overseer.

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