It seems that the Colombian Stock Exchange (BVC) decided to join forces with the Colibrí Consortium, an organization that promotes the adoption of Blockchain technology.
Blockchain on the Stock Market
According to CoinTelegraph, La República newspaper reported the news yesterday. However, it is not the first move that Colombia makes to incorporate Blockchain into the economy.
On this occasion, the BVC partnered with the Colibrí Consortium, a private initiative that is made up of Bancolombia, BBVA, Santander, Skandia, Caceis Colombia, among others.
The question is: What does the Colombian Stock Exchange get by partnering with this private group? Well, you get the possibility of using the Blockchain technology of the Colibrí platform.
This is essential for the exchange as it allows it to improve its operational efficiency in the OTC market. Once again, the Blockchain manages to reduce friction and costs, achieving greater efficiency where it is integrated.
“The agreement reached with BVC will allow us to show the market that Blockchain technology is the future of financial infrastructures,” said Juan Manuel López, executive director of the Framework Contract, another strategic partner in the agreement with BVC.
Is it the first time that Blockchain has been used on a Stock Exchange? No, this technology has long struggled to transcend more borders.
Therefore, if you have been attentive to CriptoTendencia, you will know that it is not the first time that the technology is integrated in the Stock Market. In fact, Colombia is not even the first to do so in the region.
Colombia for technology
However, despite not being the first, Colombia has executed multiple efforts to incorporate the Blockchain in various areas.
And, they are not only open to the Blockchain, but to technology in general. Recently, according to the newspaper La República, Binance Academy set out to train more than 350,000 Colombians regarding cryptocurrencies, Blockchain and investments.
The reason why Binance would propose that is because “Colombia is among the five countries with the highest activity in the crypto exchange in Latin America,” said Bryan Benson, director of operations at Binance Latam, according to La República.
Consequently, Colombia has been willing to adapt to new technologies such as Blockchain, however, education is essential for this.