Bitso Expands To Colombia As Cryptocurrency Popularity Grows In The Country

Bitso , a Mexico-based cryptocurrency exchange, is growing and strengthening its presence in Colombia, and the country’s interest is growing in these new technologies. Emilio Pardo has been appointed as the new national director of Bitso, with the aim of launching operations in Colombia in collaboration with Banco de Bogota.

Bitso Expands To Colombia

Bitso debuts in Colombia

Bitso, a Mexico-based cryptocurrency exchange with over four million customers, has decided to expand into Colombia. As part of ongoing research to enable these virtual currency service providers to operate, the service has become part of the government-developed crypto sandbox in the country. Banco de Bogota users who have an account with Bitso will be able to use the exchange’s cryptocurrency offerings.

Bitso will not charge the usual fees for buying cryptocurrency as a reward for 5,000 customers who sign up for the trial. These users will be able to buy Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC) directly with Colombian pesos.

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.

Colombia is expanding its cryptocurrency industry

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

Pardo was previously head of business development for the Andean region at Mastercard, where he focused on fintech concerns such as instant and cross-border financial transactions, as well as open banking. He will now be in charge of building Bitso’s strategy in Colombia, focusing on core Bitso strategic elements such as education and security, to improve local acceptance of crypto and financial inclusion.

Pardo said Americans are going through one of the most crucial periods of cryptocurrency acceptance in Colombia and Latin America as a whole. And Bitso’s debut will not only help Colombia’s financial environment, but it will also help educate and meet the demands of our customers and fellow citizens.

Recently, the country made its first cryptocurrency real estate transaction, and it now has the second highest number of cryptocurrency ATMs in Latin America. However, the government is changing its current regulatory structure to encompass and oversee cryptocurrency businesses as a result of this increase. On February 2, the Colombian tax authorities announced that they would take specific measures to detect taxpayers who mistakenly report bitcoin transactions.

Similarly, starting 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.

El Salvador , which recognized Bitcoin as legal tender in September 2021, also has a presence on the exchange. At launch, Bitso worked with Silvergate to enable US dollar transactions for El Salvador’s official Bitcoin (BTC) wallet, the Chivo Wallet.