Bitcoin is one of the most famous cryptocurrencies and it is not surprising that people in different parts of the world, heard about this cryptocurrency. Interestingly, when it comes to the largest number of Bitcoin ATMs, Colombia outpaced other countries.
It is worth noting that, the country’s capital Bogota has 34 ATMs. The second place belongs to Meddelin with 11, followed by Bucaramanga and Cali with 4 each. Moreover, there are such ATMs in other cities as well. Importantly, other cities with one ATM at least include Armenia, Barranquilla, Cartagena, La Hormiga, as well as Pereira.
Interestingly, until recently Venezuela and Argentina were more frequently discussed as crypto strongholds in terms of crypto adoption. Nevertheless, the neighboring country of Venezuela took important steps towards regulating the country’s crypto space.
It is worth mentioning that, last month the government of Colombia approved a pilot program. Interestingly, crypto associations should apply by the end of the year. Notably, this pilot program will run in 2021.
The Ministry of Finance and Public Credit approved the new regulatory sandbox on September 14. Importantly, this space allows the country’s Financial Superintendence to maintain a balance between adequate regulation, aimed at carrying out comprehensive supervision of the entities under surveillance. Moreover, the agency will be able to prevent the illegal exercise of financial activity as well as the promotion and support of new technological advances applied to financial services.
Colombia and crypto industry
Interestingly, the pilot program will develop in five stages. The first stage is the application, the second one is selection, followed by structuring, monitoring and the last one is the feedback.
At the moment, there is no exact timetable for the pilot program during 2021.
As a reminder, last year more precisely on April 4, a draft bill to regulate crypto exchange platforms in the country came to light. It is worth mentioning that, the aim of this law was to define in general terms how companies offering crypto exchange services should operate in the country.
Colombia, as well as other countries in Latin America, should find the perfect balance. Importantly, heavy-handed regulations could make it harder to develop the crypto industry. There is no need to make hasty decisions. They should work with crypto-related companies as well as experts to come up with the best solution. Moreover, cryptocurrencies have the potential to support the local population in Colombia, Venezuela, and Latin America in general.