Colombia is 11th in cryptocurrency transactions in the world

Colombia is 11th in cryptocurrency transactions in the world

Last week the proptech The House, sold an apartment in Santa Marta to a client who lives in Medellin but who was abroad at the time the transaction was finalized and, furthermore, paid in bitcoin cryptocurrency.

Was the first operation of its kind in Colombia and the second that the firm did, after a similar operation in Mexico.

Although that cryptoactive and others like ethereum have been taking rise and value for a decade, its use in Colombia, despite greater popularization, has still been limited to some subsectors of commerce and tourism, but it is not yet a widespread means of payment because at this time neither the Banco de la República nor the Government recommend its use, because in case of losses there is no one responsible for the resources.

In the country there are more than 500 sites such as small businesses, technology centers and video game where it is allowed to pay with crypto assets.

just to mention a few where they receive cryptocurrencies are Olfabrand, Café de la Luna Lela, Taco Time Colombia, Wellness Spa, Corner Bistro, La Tortata, Ravala, Viator, Transfers & tours, Part’s Pizza, Entrevolcanes y Ribs, Kioto Oriental, En la brasa and Empanadas a 1000, Café Calle 52, TFM Soluciones, Drone 4 Us Aeriial, Vehement, Masters Technologies, Maitek SAS, Worldtech, Aso Dent Clinic, M&M Optics, Lili Lacta, Fit Tech Fitness.

That’s why the Financial Supervision overtake a pilot in a controlled environment with nine supervised entities, which have alliances with crypto-asset exchange platforms, to measure how their clients’ resources could be integrated and converted into crypto-assets.

The largest banks in the country, together with other supervised entities, carry out these exercises that should yield results in the coming months.

In addition, given the increasing popularity of cryptocurrencies, the government decided that since April, people and companies that make transactions with cryptocurrencies, such as bitcoin, greater than US$150 or US$450 if they are multiple, they must report it to the Financial Information and Analysis Unit (UIAF).

This in order to prevent operations that are used for illicit purposes such as money laundering and financing of terrorism.

Jehudi Castro, Vice President of Innovation and Future of La Haus, says that “as a technology company it makes perfect sense that we adopt bitcoin because it is transparent and although he recognized that the cryptoactive has experienced strong volatility, at the time of the transaction of a property is calculated on a real-time exchange rate and converted to legal tender. He said that the entire portfolio is intended to be in cryptocurrencies, which would facilitate cross-border transactions.

For his part, Maximiliano Hinz, from the Binance Latam exchange platform, says that “the number of properties that are being marketed in bitcoin and cryptocurrencies is going to be greater and greater, since it is already a reality in Mexico, in Colombia and in Uruguay and in Argentina is becoming more and more normal due to the benefits that they bring, since the funds are traceable, which is much safer than making a purchase of a property with cash or bank transfer, which are the methods that we are most accustomed to.”

Bitcoin, he says, would become an annex to a bank transfer since it is digitized money, but with the benefit that people do not necessarily have to be in the country.


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