Colombia | 2022

Cryptocurrency Adoption and trends in Colombia in 2022

4.8

%

of Colombians
own cryptocurrency

How many cryptocurrencies owners are there in Colombia?

It is estimated that over 2.5 million people, 4.8% of Colombia’s total population, currently own cryptocurrency.(¹)

Colombia – Latin America’s next cryptocurrencies hub?

 

In Chainalysis’ 2022 cryptocurrencies adoption index, Colombia ranks 15th place in Peer-to-Peer exchange trading volume. Only Vietnam, which topped the list of the top 20 countries on the index, had a higher volume of P2P trade.(2)

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 cryptocurrencies businesses.(3)

How do Colombians view cryptocurrencies?

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 cryptocurrencies-owners had already carried out transactions using cryptocurrencies.(4)


The persistent depreciation of the Colombia Peso is also driving Colombians to view blockchain and cryptocurrencies as an alternative to wealth protection as the Peso plunged and weakened below 5,000 per dollar for the first time, in 2022.(5)

Cryptocurrencies’s rising popularity in Colombia

  • Colombia to prevent tax evasion with national cryptocurrency: Report – August 2022. Luis Carlos Reyes, the head of the Colombian Tax and Customs National Authority, claimed that the government of newly inaugurated Colombian President Gustavo Petro will seek to create a cryptocurrency to prevent illicit financial activity like tax evasion. Colombia’s cryptocurrency plans are part of the country’s new monetary policy measures aiming to increase the transparency of financial transactions, the official said in an interview with the local magazine Semana.

 

  • Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges – June 2022
    Colombia is edging closer to a time when banks and cryptocurrency exchanges can collaborate as the nation advanced the local cryptocurrency industry’s regulatory framework several months ago. The regulations include cybersecurity guidelines and tools to track cryptocurrency transactions, as well as a risk management framework for money laundering and terrorism financing. The strategy demonstrates Colombia’s commitment to a time when people will be able to purchase cryptocurrency using standard banking accounts.

 

 
  • Coindesk: Colombia’s First Commercial Bank to Pilot Cryptocurrencies 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 cryptocurrencies 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 Cryptocurrencies 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 cryptocurrency 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.

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