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Sunday, June 4, 2023

Bitso Expands to Colombia Amidst Growing Cryptocurrency Adoption in the Country

Bitso Expands to Colombia Amidst Growing Cryptocurrency Adoption in the Country – Bitso, a cryptocurrency exchange based in Mexico, is expanding and boosting its presence in Colombia, despite the country’s growing interest in these new technologies.

Emilio Pardo has been named as Bitso’s new country manager, with the goal of launching operations in Colombia in collaboration with Banco de Bogota.

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As part of the ongoing experiment to allow these virtual asset service providers to operate, the company is now a part of the regulatory crypto sandbox established in the country. Customers of Banco de Bogota who have an account with Bitso will be able to use the exchange’s crypto services.

Also Read: Canadian Lawmaker Introduces Bill to Encourage Crypto Sector Growth

Bitso will not charge the regular costs for buying cryptocurrency as a reward for the 5,000 clients who have signed up for the trial. These users will be able to purchase Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) directly with Colombian pesos.

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Bitso was not the first exchange to enter this sandbox. In December, Gemini, a US-based exchange, entered into a similar partnership with Bancolombia. In January, Binance and Davivienda announced a similar cooperation.

Bitso Expands to Colombia Amidst Growing Cryptocurrency Adoption – Colombia in Crypto Expansion

During the past year, Colombia has seen an increase in bitcoin awareness and usage. Emilio Pardo, Bitso’s newly recruited country manager for Colombia, believes this. One of the causes that led Bitso to concentrate its expansion efforts in the South American country is this. 

Pardo had this to say about it:

We are living through one of the most pivotal periods in the acceptance of cryptocurrencies in Colombia and Latin America as a whole. This will benefit not only Colombia’s financial ecosystem, but it will also assist in educating and meeting the requirements of our clients and fellow citizens.

Also Read: Canadian Bitcoin ETFs Hold More than 62000 BTC

Recently, the country made its first bitcoin real estate purchase, and it now boasts the second-largest number of cryptocurrency ATMs in Latin America. However, the government is changing its current regulatory structure to encompass and supervise cryptocurrency businesses as a result of this increase.

On February 2, the Colombian tax office announced that it will take specific measures to detect taxpayers who were reporting bitcoin transactions erroneously.

Similarly, beginning in April, people and exchanges will be required to report cryptocurrency transactions worth more than $150 to the country’s national anti-money laundering authority.

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