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Colombia
Cryptocurrency information about Colombia
How many crypto owners in Colombia?
It is estimated that over 3.1 million people, 6.1% of Colombia’s total population, currently own cryptocurrency.(1)
Colombia – Latin America’s crypto hub?
Colombia ranked fourth in the world for Peer-to-Peer Bitcoin trading volume while its capital city Bogotá ranked seventh in the list of top Bitcoin cities, with 87 active crypto businesses.(2)
How do Colombians view crypto?
80% of Colombians showed willingness to invest in cryptocurrencies while more than half of Colombians aged 25 to 40 have already invested or expressed interest in buying cryptocurrencies. A third of Colombian crypto-owners had already carried out transactions using cryptocurrencies.(3)
Colombia saw a major boost in crypto use as a store of wealth as well as for transactional purposes in 2020, with peer-to-peer lending platforms and exchanges recording historic growth. LocalBitcoins reported that Colombia accounted for 11.3% of its global volume in 2020, making it one of the firm’s “main markets” alongside Russia and Venezuela. Transaction volumes on Buda.com, one of Latin America’s largest crypto exchanges, grew by 350% between 2019 and 2020 in Colombia, with active users on the platform increasing by 125% to 16,092 according to data provided by the exchange.(4)
Colombia also boasts the highest number of bitcoin ATMs in a Latin American country, according to Coin ATM Radar. The country has 59 bitcoin ATMs and tellers, with 33 in Bogota, the capital, alone. In contrast, Panama has only 17 bitcoin ATMs, the second-largest number in the region.
Crypto’s rising popularity in Colombia
- Coindesk: Colombia’s First Commercial Bank to Pilot Crypto Services – March 2021
A Colombian commercial bank established in 1870 is to trial cryptocurrency services through a sandbox project set up by the country’s financial regulator. Banco de Bogotá said Monday the pilot program begins this month and will allow the bank to explore business models and risks associated with the handling of crypto assets. - Bitcoin Magazine: Colombia will become BTC Haven – March 2021
The Financial Superintendency of Colombia (FSC) recently authorized nine alliances between local, regulated banks and cryptocurrency exchanges. The initial partnerships are reportedly going to include: Bancolombia with Gemini; Davivienda and Powwi with Binance; Banco de Bogotá with Bitso and Buda; Coltefinanciera with Obsidiam; Coink with Banexcoin; and Movii with Panda and Bitpoint. - Bitcoin.com: Colombia’s Financial Superintendent Approves Nine Crypto Platforms… – February 2021
In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens. - Cryptonews: Colombia’s banks may be allowed to pilot crypto transactions… – September 2020
The Colombian government will issue a call for the financial system to test fiat transactions using cryptoassets in a new regulatory sandbox. - Cointelegraph: Colombian technology ministry endorses blockchain and crypto – August 2020
The Colombian government calls for the public sector to adopt blockchain technology, including crypto payment-related matters. - Coindesk: WEF and Colombia consider public Ethereum to fight corruption… – June 2020
WEF partnered with the Office of the Inspector General of Colombia to develop a proof-of-concept (PoC) using the Ethereum public blockchain.
1. https://triple-a.io/crypto-ownership/
2. https://decrypt.co/41254/these-10-countries-lead-world-bitcoin-adoption & https://www.forbes.com/sites/alexandratalty/2018/07/31/the-top-10-bitcoin-cities-in-the-world/?sh=15a34b824565
3. https://cointelegraph.com/news/80-of-colombians-open-to-investing-in-crypto-new-survey
4. https://www.coindesk.com/no-middle-ground-inside-colombias-race-to-become-a-major-regional-crypto-market
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