More Colombians Taking to Crypto, Claims Exchange – Next LATAM Nation to Adopt?
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Loading... - Martin Frank
- 09 Jun 2023
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Colombians are increasingly embracing cryptocurrency, as stated by one of Latin America's largest crypto exchanges. Bitso, the trading platform, reports a tenfold increase in the number of individual retail clients compared to the same period last year. Bitso expanded its operations to Colombia in the first half of 2022 after being established in Mexico in 2014. Since then, the company has expanded its presence across several Latin American countries. In Colombia, Bitso has already diversified its range of products and services, catering to companies and institutions within the country.
Noteworthy milestones achieved by Bitso in its first year in Colombia include the introduction of sports club fan tokens on its platform, contributing to the growing influence of such coins in the LATAM region. The company has also made a commitment to advocate for cryptocurrency regulation in Colombia and actively participates in regulatory discussions with relevant authorities. Emilio Pardo, Bitso Colombia's Country Manager, expressed optimism about the increasing adoption of crypto in Colombia.
Unlike other LATAM nations such as Argentina, Colombia has experienced relatively stable inflation. However, the rising interest in tokens like Bitcoin and USDT due to inflationary pressures has also impacted Colombia. Binance, a major cryptocurrency exchange, launched a prepaid crypto card in the country earlier this year, further promoting crypto adoption. Additionally, the Colombian government revealed preliminary plans for regulating the crypto sector in the previous year. According to estimates, up to 92.1% of Colombians have access to formal financial services related to cryptocurrencies. The Colombian Tax and Customs National Authority suggested the potential launch of a digital currency as a measure to combat tax evasion, which is believed to amount to approximately 8% of the country's GDP annually. Furthermore, Colombia has made efforts to impose retrospective taxes on crypto trading.
