Crypto – the rising star in Colombia
We have seen the rise of cryptocurrencies in a lot of places like the U.S. and Japan. Granted, Latin America is playing catch up but some countries such as Brazil, Argentina and Colombia have crypto on the rise, providing people with new and innovative ways to exchange and transmit money.
A survey was conducted independently of Bitprive and found that in recent years, over 85% of respondents in Colombia were familiar with cryptocurrencies and almost all of these people were already investing or are open to invest in crypto. For people who are not adopters, it was apparent that the reason was because of a lack of education since majority of the non-adaptors said they were reluctant due to the lack of knowledge and mistrust.
Freedom is part of the DNA of crypto, providing users with 24/7 uninterrupted access to the financial world and their own assets. Recent surveys conducted in 2019 showed that Colombia is continuing its growth in the use and adoption of cryptocurrencies. The public’s sentiments are also positive in the sense that majority of respondents were confident that crypto will continue to grow locally and the main concern expressed by the respondents were the fluctuation of the prices. In fact, over 90% of Columbian respondents agreed that digital currencies will play a very important role in the future’s development of Latin America.
It shows that there is a healthy portion of users in Columbia who are using crypto as a utility rather than an investment. It is indeed a very common practice amongst our users to make use of Tether to conduct trades without taking in the risks of price fluctuations.
With Banco de la República, the central bank of Colombia, investing in Distributed Ledger Technology (DLT), we can see that the government is taking a friendly stance towards crypto and majority of the respondents were in the opinion that Columbia is on its way to popularize the use of crypto.
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About Bitprive (BPVE)
Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.
Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.
At Bitprive, we value security and efficacy.