While some countries have either avoided or taken adversarial approaches toward crypto, others have begun to embrace digital currencies. They see the potential for future wealth and transformation of their societies. In particular, some developing nations see crypto as a way to level the economic playing field which has been tilted against them for so long.
One developing South American nation has already taken a proactive approach toward opening a new chapter in expanding its future potential economic destiny. Colombia just announced that it has granted approval for eight crypto exchanges to launch this month. The Financial Superintendency of Colombia (FSC) decided to take a unique approach in the way these new crypto exchanges will operate. Instead of operating independently, they have been partnered with pre-existing banks as part of this pilot program which has been named “LaArenera” (meaning “the sandbox”).
The approved partnerships will include the following institutions: Bancolombia with Gemini, Davivienda and Powwi with Binance, Banco de Bogota with Bitso and Buda, Coltefinanciera with Obsidiam, Coink with Banexcoin, and Movii with Panda and Bitpoint.
The FSC has been studying ways that Bitcoin could be used in Colombia since 2020. Late last year, an official letter by the FSC clearly stated that local companies are free to use their funds to buy Bitcoin without any prohibitions. While META 1 Coin Trust favors a deregulated approach to crypto, we applaud the openness and freedom that the government of Colombia has promoted with its approach to crypto.
The South American country is known for many valuable resources which generate much of its wealth, including coffee. It has witnessed a renaissance in recent years after a tumultuous past which modern-day citizens have sought to move beyond. Medellin, a city that once experienced high crime rates and violence has become a hotspot for digital nomads, artists and world travelers. The unique mix of a Latin-flavored culture and a bohemian, hipster influence have transformed Medellin into an emerging travel destination and home to a substantial American expat community.
The friendliness and creativity of residents and visitors alike have drawn many new and pre-existing crypto founders to the country to network and develop new ideas for future growth. The temperate climate and relaxed environment have been conducive for startups as well, similar to an unofficial accelerator program. The recent humanitarian gesture of the Colombian government in allowing Venezuelan refugees fleeing oppression to settle in their country is a further testament to the deep empathy toward Humanity and appreciation for freedom that are deeply rooted there.
While economic challenges remain a widespread reality for many Colombians, META 1 Coin Trust wishes the utmost success with this crypto exchange pilot program and its potential to bring abundance and freedom to its people.