South American crypto exchange, Buda.com, has sought help from Ivan Duque, the Colombian President to help resume its operations in the country. The exchange ceased its operations on June 20, after the South American banks decided to close down all the accounts of the exchange, due to lack of guarantees. Digital currency exchange Buda.com has around 35,000 accounts in Colombia
On September 21, the leaders of the company, the cryptocurrency association, and the exchange’s users requested President Ivan Duque to help resume the exchange’s operations, through a letter. The exchange in its statement highlighted the fact that in accordance with the latest pronouncements of the President about promoting new technologies in the country, creating spaces for cryptocurrencies and the Blockchain technology, the exchange is insisting on reopening its operations in Colombia. Hence, it has requested the President to intercede on its behalf.
Crypto exchange Buda.com’s Country Manager for Colombia, Alejandro Beltran, wrote in the letter to the President that the exchange is only seeking access to basic banking services in order to resume its operations. He emphasized that the company contributes towards the education of new technologies and can, therefore, help Colombia to develop a safe and healthy crypto industry.
Buda.com in a statement highlighted the fact that its closure was due to the lack of guarantees and that the situation impacted around 40,000 users. These users had monetized their transactions with cryptocurrencies safely through the exchange platform, as stated in the La Republica report.
Previously, President Duque had demonstrated an open approach towards blockchain start-ups and cryptocurrency. He had promised to cut down rent taxes for crypto businesses. President Duque had stated that with the deployment of advanced technologies, the state may be able to tackle corruption in a better way and also improve areas such as justice, security and medicine. He had proposed to leverage AI and blockchain to detect abnormalities and track public funds.
In April 2018, Chile’s anti-monopoly court in a ruling ordered two banks to re-open crypto exchange Buda’s accounts after the exchange had filed lawsuits against ten banks, including the two aforementioned ones, as stated in the Cointelegraph report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]