The growing popularity of cryptocurrencies in Colombia has been widely discussed, as there is no unanimous consensus over the key reasons that are driving this momentum. The fact is that there are several studies, such as the one carried out by Statista, that reflect a significant and relevant interest on the part of the Colombian user, highlighting it as the third country with the largest number of crypto users. The stats speak for themselves According to the Statista Global Consumer Survey published in 2019, in which an online poll was conducted among 1,000 people for each country studied, showed that …

The global peer-to-peer Bitcoin (BTC) marketplace, Paxful, and Medellin-based blockchain company, CoinLogiq, are joining forces to bring 20 new crypto ATMs to Colombia and, later, 25 to Peru. Colombians will have access to 20 new ATMs In a press release shared with Cointelegraph on Sept. 5, Paxful announced that it is joining forces with CoinLogiq to bring 20 new ATMs to several points of interest to the main Colombian cities such as Bogota and Medellín. The partnership between the two companies will reportedly encourage people to withdraw digital currencies in the area of Medellin and other cities in Colombia and …

An astounding 86.5% of Colombians are familiar with cryptocurrency and 80% are open to investing in the asset class. Peer-to-peer Bitcoin (BTC) marketplace Paxful shared the results of its new survey — conducted together with Toluna Insights — with Cointelegraph on Aug. 15. 50% of Young Colombians Already Crypto Investors The survey further revealed that at least 50% of respondents between the ages of 25 and 40 have already invested or expressed interest in buying cryptocurrencies such as Bitcoin (79%), Bytecoin (>5%) or Ether (ETH) (<3%). Just over 32% of all those surveyed had already carried out transactions using cryptocurrencies. …

Bitcoin (BTC) trading volumes in Venezuela have reached a new all-time high amidst massive hyperinflation and an ongoing presidential crisis, tech news outlet TrustNodes reports Feb. 6. Bitcoin weekly trading volumes reached above 2,000 BTC (about $6.8 million) on peer-to-peer (p2p) exchange LocalBitcoins during the week ending Feb. 2. Venezuela LocalBitcoins Weekly Trade Volumes in BTC. Source: Coin.Dance The recorded trade volumes on LocalBitcoins are just a fraction of overall estimated Bitcoin trading by Venezuelans. As TrustNodes reports, a large amount of trading is taking place on centralized exchanges located in neighboring countries, such as Colombia and Brazil. In such …

Bitcoin (BTC) has a substantial liberating potential, American mainstream newspaper Time reports on Dec. 28. The aforementioned article claims that “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.” According to the article’s author, Bitcoin “can be a valuable financial tool as a censorship-resistant medium of exchange.” Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, reportedly said that the fee on a wire transfer from the United States to Venezuela can be as high as 56 percent. To circumvent such conditions, Venezuelans have reportedly turned to cryptocurrency, …

A draft bill on crypto regulation presented to Colombia’s Congress has been heavily criticized by the local tech sector, Colombian financial journal Dinero reports Tuesday, September 24. The draft was introduced in late July by senator Carlos Abraham Jimenez from Cambio Radical, the second largest party in the lower house of Colombia’s Congress. The bill, called "On cryptocurrencies, or digital currencies," gave definitions for various crypto-related terms and suggested the issuance of licenses for trading coins. The bill also proposed a five percent tax on all crypto transactions, both internal and international, of which 1 percent should be sent to …

South American cryptocurrency exchange Buda.com has requested Colombian President Iván Duque to help reopen its operations in the country, local news outlet La Republica reported September 21. Digital currency exchange Buda.com — which boasts around 35,000 accounts in Colombia — ceased its operations on June 20 after the country’s banks decided to close all the exchange’s accounts "for the lack of guarantees." The move was reportedly spontaneous; banks confirmed they closed the accounts without providing further explanation. The exchange subsequently experienced technical difficulties, while a letter from a Colombian financial control officer reminded banks that they are not authorized to …

Colombian President Ivan Duque has recently promised to cut taxes for cryptocurrency and blockchain startups, local newspaper El Tiempo reported Wednesday, August 29. Duque delivered an opening message during ANDICOM, an international congress on information and communications technology (ICT) held annually in Cartagena de Indias, Colombia. A recording of his speech is now available on YouTube. President confessed that he was "obsessed" with technology, especially with robotics and artificial intelligence (AI). He further stressed that Colombia needs its own regulator for the ICT industry and promised to establish a high council for the transformation and digital society. According to Duque, …

Colombian banks closed all the accounts of South American crypto exchange Buda.com, local news outlet Diario Bitcoin reported June 8, citing an email the company sent to its clients. According to the email, the move was spontaneous, the banks confirming that the accounts had been closed without providing further explanation. The crypto exchange reported soon after the news that it was experiencing technical difficulties, but would fully resume services June 13. Buda’s Colombian CEO Alejandro Beltran confirmed the situation to local industry media Cripto247. He also named the three banks that blocked Buda’s accounts: Bancolombia, BBVA and Davivienda. Cripto 247 …

The Colombian Senate held a debate on cryptocurrencies and blockchain “as mechanisms to modernize the digital economy” on Wednesday, according to a Senate press release published today, June 7. The Third Committee of the Senate was convened by the senator of Colombia’s Green Alliance party, Antonio Navarro Wolff, with participants including the Colombian central bank, the Ministry of Finance, the ICT Ministry, and Colombia’s Financial Superintendent. Navarro Wolff opened his speech by advocating that the Colombian state investigate blockchain “in greater depth,” saying that the technology “could change the lives of Colombians” in its application across the administrative, economic and …

Six public and private Colombian companies have joined forces to launch the Colombia Blockchain Association, Spanish news agency EFE reported May 17. The Association describes itself as aiming to support the country’s crypto and blockchain ecosystems and to advise the national government on matters concerning regulation of the crypto sphere. The companies involved are Buda Colombia, Bitcoin Colombia, Cajero.co, IntiColombia, Panda Group and RSK. Representatives from each, as well as Mauricio Toro – Green party member of the Colombian House of Representatives – reportedly attended an event this Wednesday in Bogota to discuss the agenda of the new organization. As …

Note: The following piece was submitted as part of Cointelegraph’s Tell us your bank horror story article contest presented to you by Shapeshift.io—the fastest way to swap cryptocurrencies. Only the best articles will be published in no particular order in the run up to December 15. On this date, Cointelegraph will conduct a public poll to determine which story resonates most with our audience. Good luck and happy reading! *** In early December 2013 Target suffered a cyber attack and as a result 40 million credit card accounts were compromised, including mine. I’m not a frequent Target shopper but a …