Citizens will have the opportunity to change digital assets for Colombian pesos. The platform of the exchange houses will have legal license

After being inoperative in Colombia for a while, the cryptocurrency exchange house Buda will reopen its operations in the country in the coming days, as it was announced by executives of the exchange house a few days ago.

According to local news, the exchange house will return to its operations after the Colombian government granted them the corresponding permits to operate freely. However, an executive of the company denied the information saying that the permissions have not been approved in their totality by the governmental authorities.

Regarding this matter, Alejandro Beltrán, who is the regional manager of the exchange house, told that once again Colombians will be able to conduct these operations on a daily basis. Now, they will again have the option to exchange cryptocurrencies for Colombian pesos. “We continue working and we are still here”, Beltrán said.

During an interview, the executive of the company explained that negotiations with government authorities have taken a few months and that this is due to the fact that it is a process of “sensitization” that the government must do with private companies and the public industry. These conversations, according to Beltrán, reinforce the ideas of new business models. “We were more than eight months socializing and raising awareness, interacting with public and private entities”, Beltrán affirmed.

During the interview, the executive mentioned the importance that Colombia gives to the operations of the multinational company. According to his statements, the region contains a high demand rate of cryptocurrencies. “We launched it again because Colombia is a very important place in the Latin American ecosystem. The volume of operations in Colombia and the high demand place Colombia as the most interesting place in our region”.

In addition, there is a large community of users who have been involved in the entire process to re-enable the operations of the exchange house. Beltrán, did not mention more details about the commissions and limits that would take place after the exchange office is operational again.

On the other hand, the Colombian government has not issued any official communication about the negotiations or the progress related to the legislative policies in this matter. It should be mentioned that, a few weeks ago, the legislative congress rejected a proposed law for the legal use of cryptocurrencies.

In this way, it is not so clear the environment in which Buda can operate in the Colombian territory. It stills unknown if the government will include clauses for a possible reform of regulatory laws related to foreign exchange operations.

In mid-August of last year, Buda was forced to close operations due to difficulties with the country’s banking. In June of 2017, the Colombian bank Davivienda closed without any notification, which generated strong difficulties until its closure.

According to Localbitcoins sources, the South American country represents an important community of users interested in the exchange of bitcoins. It is also known that there are many entrepreneurs and technology enthusiasts who make economic life within the crypto market in that region and that is the attractive for new exchange houses and to make grow the crypto-community.

By María Rodríguez


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