Home - Blockchain - More Colombians Taking to Crypto, Claims Exchange-What Next?

James Carter

June 2, 2023

More Colombians Taking to Crypto, Claims Exchange-What Next?

According to one of the largest crypto exchanges in Latin America, the number of people using cryptocurrency in Colombia is growing.

The Bitso trading platform brags that it has raised the number of its individual retail customers “by ten times” over the same time period the previous year, as reported by Criptonoticias.

Cryptocurrency in Colombia

The first six months of 2022 saw the establishment of Bitso’s local operations in Colombia.

The company was established in Mexico in 2014, but it has since spread its operations to a number of other states in Latin America.

The business said that it had already “diversified its” range of “products and services” in Colombia and that it is now offering solutions for “companies and institutions in the country.”

More Colombians Taking to Crypto

The incorporation of sports club fan tokens onto Bitso’s platform was cited as one of the company’s “highlights” from its first year of operations in Colombia, according to Bitso.

In addition to this, the company stated that it had “committed to promoting cryptocurrency regulation law in Colombia” and was “participating in regulatory discussions” with the relevant authorities at the time.

Emilio Pardo, who serves as the Country Manager for Bitso in Colombia, stated:

“The surge [in] adoption of crypto assets among Colombians is a clear indicator of the potential that the country has in terms of these assets going mainstream. This exemplifies the potential that the nation possesses in a clear and convincing way. “[Crypto] could provide a workable alternative to conventional approaches to the goal of achieving financial inclusion.”

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The company said it has “more than 7 million users,” the vast majority of whom are likely located in LATAM countries.

When Will Colombia Embrace Cryptocurrency?

Colombia’s inflation rate has been relatively unchanged during the past few years, particularly when contrasted with those of neighbouring LATAM countries like Argentina.

More Colombians Taking to Crypto, Claims Exchange-What Next?

As a result of inflation, the number of Argentinians who are interested in cryptocurrencies like Bitcoin and USDT has skyrocketed.

However, it appears that the number of children being adopted in Colombia is also on the rise.

A cryptocurrency prepaid card was made available in the country by Binance at the beginning of this year.

In addition, the government of the country revealed some preliminary ideas for the regulation of the cryptocurrency sector last year.

According to the information provided by the media source, it was “estimated” that “up to 92.1% of Colombians” have access to a crypto-related “formal financial service.”

The Colombian Tax and Customs National Authority

The Colombian Tax and Customs National Authority floated the idea of introducing a “digital currency” into circulation as a potential solution to the problem of tax evasion in the previous calendar year.

Tax administrators estimate that tax cheats are responsible for the annual loss of revenue equivalent to around 8% of the gross domestic product of the nation.

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The country has also made efforts to retroactively impose taxes on activities tied to cryptocurrency trading.

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