Currently, Colombia is rapidly advancing in the adoption of Bitcoin and other crypto-currencies, especially by installing more BTCs.
Bitcoin is one of the crypto currencies that has gradually made its way in the world. However, you might be surprised by the level of adoption or acceptance in some countries, like Colombia, where BTCs are booming.
It is known that both in the country and in the region, the general adoption of crypto-currencies varies greatly. However, it is undeniable that their adoption is gradually expanding.
Is it time for Bitcoin?
Colombia now has the largest number of Bitcoin ATMs in Latin America
According to CoinATMRadar, Colombia’s capital, Bogotá, has 34 ATMs. However, this is not exclusive to the capital, since in the ranking, it is followed by Medellín with 11, and Bucaramanga and Cali with 4 each. Other cities with at least one ATM include Armenia, Barranquilla, Cartagena, Cúcuta, La Hormiga and Pereira.
The number of Bitcoin ATMs in Colombia exceeds 50 nationwide. Source: The number of Bitcoin ATMs in Colombia exceeds 50 nationally. Source: CoinATMReader: CoinATMReader.
At a regional level, we can say that in August, according to Statista’s figures, the adoption of crypto currencies had reached two digits in Brazil, Chile, Colombia and Mexico. This seems to be a considerable advance, right? However, there are other countries in the region that have accepted BTC with more time, but for other reasons.
For example, in Venezuela, the alternative represented by cryptomonkets in the face of a devastated economy with hyperinflation is well known. Likewise, Argentina has begun to resort to cryptomonies in greater numbers than before.
The price of Bitcoin was close to USD 14,000
What conclusion can we draw from this?
This does not mean that Colombia is not advancing, because although it was not the first country to begin to see a more general adoption of BTCs or crypto-currencies, it is one of the countries that has made the most progress in regulating the sector.
For example, the Colombian government approved a pilot program to test transactions with crypto-currencies in September. The pilot, which operates within a newly instituted regulatory testing environment, will run until December 31. In this sense, the government invites companies to test their regulatory sandbox for transactions with cryptomonies
A month ago, the Colombian Ministry of Information and Communication Technologies, or MinTIC, published a draft guide that calls on the public sector to adopt blockchain technology. This draft includes payments with crypto-currencies.
With all the cases we have mentioned above, Latin America may be able to accept crypto currencies as Bitcoin faster than we think. However, to achieve this, the results of these pilots and tests must be analyzed; and Colombia seems to have understood this early.