Columbia is a country that has a bad reputation ever since the Escobar happenings, followed by other drug cartels trying to get to the top and leading to a lot of economic uncertainty over the years. However, in the past decade, crypto is brewing in Columbia as one of the industries that are widely discussed and potentially embraced.
Several studies including the one carried out by Statista in the Bitcoin news indicate that there is significant and relevant interest on the part of the Colombian user, highlighting it as the third country which has the largest number of crypto users.
According to the Statista Global Consumer Survey which was published in 2019 and in which an online pool among 1,000 people for each country studied was conducted, Latin America is the region with the highest number of crypto users in the world.
Another survey conducted in 2019 by the peer-to-peer exchange Paxful along with the consumer insights firm Toluma Insights also showed that crypto is brewing in Columbia, and that BTC and ETH adoption was in an uptrend within the population in the country.
In fact, the report claims that 87% of the respondents knew about the existence of cryptocurrencies, of which around 80% showed willingness to invest in crypto. This is not surprising, considering that Paxful processed more than $1 million from Colombian users in 2019.
Additionally, there was Forbes in the crypto news, publishing a list of the “Top 10 Bitcoin Cities” in the world in 2018, where it placed Colombia’s capital city Bogota in the seventh place due to its 87 crypto-related businesses at the time.
All of this shows that crypto is brewing in Columbia and that the country is among the countries with the highest adoption in the world. However, what may be stopping this nation from a true crypto adoption is the current legal framework for crypto businesses. The “rigidity” of regulatory issues has not been established, and a proper environment for the development of the industry needs to be put in place.
Even thuogh all regulation crypto statistics point to the fact that crypto is brewing in Colombia and that people know about cryptocurrencies like Bitcoin, the chief security officer at the Spain-based Bit2me exchange Javier Pastor claims:
“The perception I have, not only in Colombia, they don’t know what this new technology is about. What this technology represents for countries is an opportunity to generate wealth and new jobs, in addition to generating a new investment movement.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post