The number of Bitcoin ATMs in Colombia has increased dramatically, making it the nation’s second-highest number in the Latam area.
The rise in the number of Bitcoin ATMs may be ascribed to the high proportion of cash usage in the nation, which necessitates a large number of machines in the face of high demand for cryptocurrency.
Colombia was formerly the Latin American nation with the most number of cryptocurrency ATMs. El Salvador, on the other hand, plummeted to second place after making Bitcoin legal tender.
There are already 50 bitcoin ATMs in Colombia, although the reasons for this rise are still unclear to some.
It’s worth noting that Colombia isn’t recognized for its bitcoin adoption since the government’s engagement has been restricted to a regulated sandbox. Digital currency ATM businesses, on the other hand, have expressed a greater interest in operating in Colombia.
Alejandro Beltrán, CEO of Buda, a Latam-based exchange, verified this, saying that Colombia remains an important cryptocurrency center in terms of transactionality because Venezuela is in the top three in the worldwide acceptance index ATM systems are a solid choice for customers.
Colombian Bitcoin ATMs are gaining popularity for a variety of reasons
Bitcoin ATMs dominated the nation’s capital, Bogota, as previously reported by Cryptopolitan.
The government’s acceptance of a crypto payment experiment until December 2020 was credited with the growth. Colombia’s Ministry of Information Technology (MinTIC) has also requested that the government use blockchain technology.
More than any other nation in the region, Colombia had a big market for Bitcoin in 2017. This is largely due to Colombians’ preference for convertible assets. Furthermore, Bitcoin payments are anonymous – there are no paperwork or conditions attached to them. Colombians are also known for looking for small-scale investment opportunities, so Bitcoin is seen as beneficial.
According to a poll conducted by Paxful in 2019, Colombians are more interested in Bitcoin and Etheruem. According to the study’s findings, 80% of respondents were willing to invest in cryptocurrency. This is unsurprising given Paxful’s 2019 auction of over $1 million from Colombian traders.