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Colombia advances in the adoption of Bitcoin by installing ATMs


Bitcoin is one of the cryptocurrencies that has gradually made its way into the world. However, you may be surprised by the level of adoption or acceptance in some countries, such as Colombia, where BTC ATMs are booming.

It is known that both in the country and in the region, the general adoption of cryptocurrencies varies greatly. However, it is undeniable that its adoption is gradually expanding.

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.

Number of Bitcoin ATMs (BTC) in Colombia exceeds 50 nationally. Source: CoinATMReader.

At the regional level, we can say that in August, according to Statista figures, the adoption of cryptocurrencies had reached double digits in Brazil, Chile, Colombia, and Mexico. This seems like a considerable advance right? However, there are other countries in the region that have accepted BTC for a longer time, but for other reasons.

For example, in Venezuela the alternative that cryptocurrencies represent in a devastated economy and hyperinflation is well known. Likewise, Argentina has begun to resort to cryptocurrencies in greater quantity than before.

What conclusion can we have in this regard?

This does not mean that Colombia is not making progress, because although it was not the first country to begin to see a more general adoption of BTC or cryptocurrencies, it is one of those that has advanced the most in regulating the sector.

For example, the Colombian government approved a pilot program to test cryptocurrency transactions in September. The pilot, which operates within a recently instituted regulatory test environment, will run through December 31. In this sense, the government invites companies to test its regulatory sandbox of transactions with cryptocurrencies

The Colombian Ministry of Information and Communication Technologies, or MinTIC, published a draft of a guide a month ago that asks the public sector to adopt blockchain technology. This draft includes payments with cryptocurrencies.

Perhaps with all the cases that we have mentioned above, Latin America can accept cryptocurrencies like Bitcoin faster than we think. However, to achieve this you have to analyze the results of these pilots and tests; and Colombia seems to have gotten it early.

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