According to a recent news by local news ‘La Republica,’ crypto currency exchange Buda.com — that own around 35,000 accounts in Colombia — ceased its operations in mid June when the country’s banks decided to shut all the exchange’s accounts due to the shortage of guarantees.
The move was reportedly spontaneous; banks confirmed they closed the accounts while not providing additional information. The exchange later faced technical difficulties, whereas a letter from a Colombian financial management officer reminded banks that they’re not licensed to act with crypto platforms.
Now, Buda.com beside its users and also the country’s cryptocurrency association have petitioned President Duque to assist open the mercantilism platform, saying:
“In accordance with the newest pronouncements of the president concerning promoting new technologies within the country, making areas and advantages for technologies like blockchain and cryptocurrencies, have led the corporate of Chilean origin to return to implement reopening its operations in Colombia, asking the president to liaise on his behalf.”
In the letter, Alejandro Beltrán, Country Manager for Colombia at Buda.com, reportedly asserts that the exchange solely asks to receive access to basic banking services to start out operations, accenting that the corporate contributes to the education of latest technologies, and may facilitate Colombia to develop a healthy and safe crypto business.
President Duque has antecedently revealed an open approach to cryptocurrency and blockchain startups, having promised to relax taxes for crypto businesses. Duque reportedly aforementioned that the preparation of advanced technologies would possibly facilitate the state tackle corruption, furthermore as improve such areas as security, justice and drugs. He projected to leverage blockchain and Artificial intelligence to trace public funds and discover abnormalities.
Earlier in April, Chile’s anti-monopoly court revealed a ruling, ordering 2 banks to open Buda’s accounts when the exchange had filed lawsuits against 10 banks, together with the said two banks.