Unexpected Rise of Cryptocurrency ATMs in Colombia

Unexpected Rise of Cryptocurrency ATMs in Colombia

Colombia is a restrictive country with a legal environment for digital currencies as it is a big deal to operate crypto businesses within the country. Besides, all the banking institutions are prohibited to provide funds for cryptocurrency firms. 

Colombia is not a crypto friendly country in comparison to other African countries. But now, it is the second most country with more cryptocurrency ATMs in its regional areas. As a result, there is a sudden ongoing surge of crypto ATMs in Colombia. Thus, it is becoming an important factor for easy crypto adoption within the country. 

Colombia and Cryptocurrency

Till date, Colombia is a country which has a high usage of currencies in its country. Thus, it can be the reason for a sudden boom of crypto ATMs in the region. Besides, Colombia was ranking first place until El Salvador declaration of Bitcoin (BTC) as a crypto legal tender. Thus, El Salvador’s plan in accepting bitcoins provided promising potential benefits against many challenges. 

Surprisingly, at present Colombia is hosting 50 cryptocurrency ATMs and ranks second among the latam region. However, Colombia’s unfavorable legal regulations had shut down many cryptocurrency businesses. And, cryptocurrencies are not classified as legal tender in Colombia as well. Despite strict authorities, many cryptocurrency ATM companies were eager in offering digital services in the country. 

As it is an unexpecting change in Colombia, CEO of Buda,a Latam-based exchange Alejandro Beltrán shares that Colombia is rising to be a vital crypto hub in currencies and transactions. Also like Venezuela it is ranking in top 3 in the global adoption index. 

Moreover, the smart strategy to launch crypto ATMs is active in the capital of the country. So the existence of crypto ATMs in the latam regions depicts it  mostly targets the city areas far from the borders. Thus, it increases the transaction functionality between the countries driving the use of ATMs. 

However, this initiative to raise the existence of crypto ATMs within the country will help people to manage and transact funds easily. It reduces the limitations present in the financial sectors and creates effective transactions for the customers. 

Thus, Colombia is already a leading country for huge cash usages among the other African countries. In addition, these crypto ATM contributions will support the country to grow both economically and digitally to larger extents.

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