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Colombia is seeing a boom in crypto ATMs

Colombia is seeing a boom in crypto ATMs

While Colombia may not have the same level of bitcoin adoption as Venezuela or certain African countries, it does have the second-highest number of cryptocurrency ATMs in the Latin area. It’s possible that this is due to Colombia’s high percentage of cash usage. As a result, cryptocurrency ATMs are a critical instrument for cryptocurrency adoption in the country.

Colombia is a crypto ATM hotspot

Colombia is seeing a boom in crypto ATMs

Colombia is seeing a crypto ATM boom right now, since it is the country with the second-highest number of these machines in the area. Columbia was in first place until El Salvador bet on bitcoin and proclaimed the main cryptocurrency legal tender not long ago.

In Colombia, there are currently 50 crypto ATMs, although the reasons for this boom are still unclear to some.

Colombia hasn’t been known for its bitcoin adoption, and the government’s participation with cryptocurrencies has been restricted to a regulatory sandbox that exchanges and banks are using.

However, it appears that crypto ATM firms are becoming more interested in delivering their services there. This could be due to the country’s near proximity to Venezuela and the active business interchange that occurs between the two.

Alejandro Beltrán, CEO of Buda, a Latin-based exchange, told Forbes about this:

Colombia continues to be an important crypto hub in transactionality, and as Venezuela is in the top 3 in the global adoption index, the border position makes ATM systems good alternatives for consumers.

The cryptocurrency ATMs are largely concentrated in Bogotá, the country’s capital, where there are 29. Six are in Medellín, three in Bucaramanga and Pereira, while the remaining ones are dispersed throughout the country.

This clearly demonstrates that the majority of crypto ATMs are located in urban regions, far from the borders. This finding appears to rule out cross-border transactions as a major driving element behind the ATM push. Beltran, on the other hand, has a different take on the boom.

Colombia is one of the most cash-heavy countries in the area, and these ATMs help consumers manage and transact funds that would otherwise be unable to do so efficiently due to the country’s banking sector’s current restrictions.

Beltran concluded by saying that they believe that this can be one of the great contributions of the sector so that the ecosystem continues to grow in a vertical way.

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