Following the buildup of bitcoin and other cryptocurrencies in the world, the Superintendence of Finance continues its effort to test proof this tool in Colombia. For this purpose, it authorized eight bitcoin exchanges for regulatory sandbox testing to start this month. 

Furthermore, the Superintendence of Finance also authorized nine alliances between local, regulated banks and cryptocurrency exchanges. The initial partnerships are reportedly going to include: Bancolombia with Gemini; Davivienda and Powwi with Binance; Banco de Bogotá with Bitso and Buda; Coltefinanciera with Obsidiam; Coink with Banexcoin; and Movii with Panda and Bitpoint.

The pathway to approval by authorities is long and dependent on the conclusions derived from this sandbox. Once the application and selection phase are completed, the structuring phase will begin in which exchanges and banks will carry out operations with crypto assets (Bitcoin Magazine, 2021). 

One aspect that stands out is that two of the most important exchanges in the Bitcoiner ecosystem applied for evaluations. In the event that Binance and Gemini successfully complete the evaluations together with the allied banks, then they would be formalizing their operations to the local market, all with the approval of the authorities (Bitcoin Magazine, 2021).

This experiment could influence Colombia to consider bitcoin as a valid investment for its own citizens, as well as a future part of the Colombian stock market and its essential economic infrastructure.