Colombia's Buda Crypto Exchange Seeks President Ivan Doque For Banking Help

Columbian Based Buda Exchange Asks President Ivan Doque For Banking Help

Alejandro Beltrán, head of Buda.com, the leading cryptocurrency exchange in Colombia, effectively shuttered by banks in the country refusing to do business with it, has written an open letter to the nation’s new president in the hope of winning a reversal. Notably, Iván Duque Márquez who was elected last month has been said to embrace new financial technology.

Prior to running the largest crypto venture in his country, Mr. Beltrán worked as an administrator in finance for a decade.

Mr. Beltrán opened the letter by saying,

“Being a Fintech company, we received with great enthusiasm [your] promise to promote the development of new technologies in Colombia [….] For this reason, it hurts us that the pressure of the previous government on the banks led them to close our bank accounts, forcing us to stop our operation and taking away from our almost 40,000 clients the possibility of buying cryptocurrencies in a safe and transparent manner.”

The action was supposedly spontaneous; banking institutions confirmed the closing of the digital currency account without giving any explanation to the said exchange. Buda.com according to the banks underwent technological difficulties consequently, while a memo from financial control rep of Columbia reminded banking institutions that they aren’t allowed to work together with digital currency platforms.

Beltran, allegedly states that the company just asks to get access to essential banking services to begin operations. According to him, the company, in fact, helps people of Colombia to increase their awareness of new technologies. This can also help the country to have a safe and healthy virtual currency market.

In the past few months, President Ivan has shown an open approach to these latest technologies, has pledged to cut the taxes on the rental for crypto-related companies. The president also stated that the growth of state of the art technologies might help the country in fighting corruption and at the same time enhance such areas like medicine, justice as well as safety.

And while that seems positive for supporters, the president also declared his support for exploring the implementation of blockchain technologies in order to improve key sectors such as security, health and also curb corruption by tracking the use of public funds.

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