Among the South American countries that see a remarkable success of cryptocurrencies, there is also the Colombia. The use of virtual coins is now a custom for the vast majority of the population, finding the lymph in the presence of a new high-tech generation, constantly looking for growth opportunities. Opportunity that it clearly recognizes in the cryptocurrency and in blockchain technology.
Suffice it to say that according to a recent survey conducted by the trading platform Paxful Bitcoin, amounts to80% the percentage of Colombians open to cryptocurrency investments. A practice that has already been adopted by many young people, a fact confirmed by the survey in question. Almost half of the people interviewed among the 25 and the 40 years declared that they had cryptocurrencies or that they wanted to buy them in the near future. A fact confirmed by the reality of things, if we consider that during the 2019, only Paxful registered over 1 million dollars of transactions by Colombian users.
Cryptocurrencies in Colombia are very popular
If in much of the Latin American continent cryptocurrencies are seen as an excellent tool to counter inflation and prevent money being quickly saved or saved, the Colombian situation is quite different. In the country, in fact, the inflation rate has been quite stable over the last year. Crossing the 7% threshold in the 2016, it has returned to lower values, recently settling at 3,42%. If a similar level may seem high for stable economies, it is a very low rate for South America.
The economy in recovery is mixed with the mental openness of the population towards new opportunities, creating a favorable environment for cryptocurrencies and start-ups operating in the fintech sector. Suffice it to say in this regard that in 2018, Bogotá ranked seventh in the list of the main cities where the circulation of cryptocurrencies is a considerable reality, with 87 well linked to active digital assets. All this despite the fact that the Colombian authorities have not yet been able to provide a legal framework for the cryptographic ecosystem.
To push the popularity of BTC and other cryptocurrencies in Colombia are also the shortcomings of the traditional banking system, so much so that a large part of the population, as indeed happens in most Latin American countries, is practically excluded from the use of normal instruments such as current accounts.
Another factor that is favoring the affirmation of digital currencies in Colombia is the influx of refugees from Venezuela, about one and a half million people who use this tool having already experienced it at home, after the adoption of Petro. Accustomed to digital assets, they continue to use them to send money to their families.
Bitcoin ATMs are also flourishing
It should also be stressed as in Colombia the ATM market dedicated to virtual currencies continues to grow, so much so as to make it the country that boasts the most on the continent and the ninth on a global level. The country hosts 54 installations scattered throughout the territory, with the highest concentration of machines in the capital Bogota, where 32 branches are open, e Medellin, where 11 devices are available. In addition to Bitcoin, most ATMs also sell Bitcoin Cash, Ether, Litecoin, Dash, Monero, Zcash and Dogecoin.