Colombia Crypto Exchange Asks New President for Banking Help


Alejandro Beltrán of Colombia’s largest cryptocurrency trade,, successfully shuttered by banks within the nation refusing to do enterprise with it, has written an open letter to the nation’s new president within the hope of profitable a reversal. Iván Duque Márquez was elected final month, and has been quoted as embracing new monetary know-how. 

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Colombia Crypto Exchange Buda Writes an Open Plea to New President

“Being a Fintech firm,” Mr. Beltrán started, “we obtained with nice enthusiasm [your] promise to advertise the event of recent applied sciences in Colombia [….] For that reason, it hurts us that the strain of the earlier authorities on the banks led them to shut our financial institution accounts, forcing us to cease our operation and taking away from our nearly 40,000 purchasers the potential of shopping for cryptocurrencies in a secure and clear method.”

Alejandro Beltrán, head of, the main cryptocurrency trade in Colombia, is aware of enterprise. Previous to operating the most important crypto enterprise in his nation, Mr. Beltrán labored as an administrator in finance for a decade. He’s additionally host of the Spanish language podcast, Calle Bitcoin.

Colombia Crypto Exchange Asks New President for Banking Help
Alejandro Beltrán

Stories time period the occurrences of financial institution bans spontaneous, a variation on natural, however, regardless of the precise case, by summer season of this 12 months was successfully shut down. Banks in Colombia had determined, seemingly , to stop doing enterprise with any firm even mildly associated to cryptocurrencies.

“The CEO of Buda,” these pages documented in early June, “Alejandro Beltran, confirmed that Bancolombia, Davivienda, and BBVA have all terminated monetary providers offered to the trade by way of an e-mail despatched to prospects. Buda additionally sought to guarantee prospects that their funds are safely protected regardless of the disruptions to the trade’s operations.” It’s a tactic used all around the world, and seeing as how most banks are normally in mattress with their regional governments, it doesn’t take lengthy to find out which establishment is basically pulling strings in terms of such issues.

The President Has Optimistic Issues to Say About Crypto

After varied appeals, Mr. Beltrán has taken to an open letter, determined to get some reduction on the highest ranges of the Colombian authorities. He selected to call newly elected President Iván Duque. It’s a selection most likely resulting from Mr. Duque’s statements the start of the current month on cryptocurrency and monetary know-how.

As additionally reported, “the nation’s new president, Ivan Duque, revealed his administration’s dedication to chopping down lease taxes for crypto startups for a interval of as much as 5 years. The principle motivation behind the proposal is to stimulate the creation of recent jobs within the business.”

Colombia Crypto Exchange Asks New President for Banking Help
Iván Duque Márquez

And whereas that appears optimistic for fanatics, “the president additionally declared his assist for exploring the implementation of blockchain applied sciences with a view to enhance key sectors reminiscent of safety, well being and in addition curb corruption by monitoring using public funds. ‘If we wish to overcome corruption, know-how might be instrumental. The federal government should begin by setting an instance. We take it critically, we wish a contemporary Colombia,’” explains President Duque in a quoted assertion. 

Mr. Beltrán wrote, “This letter, Mr. President, is to ask you very kindly and vehemently for your intervention on this nice drawback with a view to reopen our financial institution accounts. We don’t ask for particular therapy or exceptions. We solely ask to have entry to a fundamental service to undertake, as any entrepreneur who begins with an concept that may have a optimistic affect on society. For our half, we’re dedicated to proceed contributing to the training of recent applied sciences, selling areas that empower Colombians to be brokers of change and serving to in Colombia to develop a wholesome and secure cryptocurrency business.” As of publication, the President has not responded.

Do you assume the President of Colombia will take heed to Buda? Tell us within the feedback beneath. 

Pictures courtesy of Shutterstock.

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