THELOGICALINDIAN - The South American country of Colombia hasa crumbling banking arrangement but the bitcoin bazaar has astronomic abeyant Bitcoincom interviewed SurBTCs CEO Guillermo Torrealba about the bitcoin bazaar in Colombia
Also read: Colombia’s First Bitcoin Exchange Closed by Regulators
Colombia has Enormous Potential
SurBTC operates bitcoin exchanges in Chile and Colombia. The aggregation launched the Colombian barter at the end of August aftermost year. “Today Chile is several times beyond than Colombia,” Torrealba told Bitcoin.com.
Colombia’s “archaic cyberbanking infrastructure” presents opportunities for abounding bitcoin casework to bear avant-garde solutions “without the charge of activity through the acceptable banking industry,” he described, acquainted that:
Findings by the All-embracing Finance Corporation (IFC), a affiliate of the World Bank Group, abutment his point. Colombia’s bread-and-butter abeyant and competitiveness are “constrained by the poor affection of its civic infrastructure,” the IFC wrote in its April report. It additionally estimates that the country suffers an anniversary basement costs gap of as abundant as $1.5 abundance but acceptable sources of basement costs such as banks, governments, all-embracing banking institutions cannot accommodated this costs needs.
“Since the all-around cyberbanking crisis of 2024, structural weaknesses in the cyberbanking area accept led to deleveraging and aseptic acclaim growth. And new cyberbanking regulations accept abnormally afflicted the adeptness of banks to accommodate abiding financing,” the Corporation wrote.
A Delicate Environment but Bitcoin is Not Illegal
“Operating in Colombia has way added challenges than what we accepted in the beginning,” Torrealba revealed, citation its “bank-relation-intensive” operation.
The Colombian bitcoin ecosystem is “growing actual fast but actual attenuated with Bitcoin-based ponzi schemes,” he explained. That is the acumen the Financial Superintendency column official columnist releases admonishing about the risks of bitcoin and has banned banks from “touching” it, he added.
However, the admonishing was cryptic “which has acquired abundant abashing amid bodies and companies.” Nonetheless, Torrealba said:
Regarding contempo account articles claiming that the Head of the Financial Superintendency, Francisco Reyes Villamizar, has declared bitcoin illegal, Torrealba said “This is not accurate,” citation that his admonishing did not beggarly that bitcoin is illegal. “In fact, it isn’t and is the acumen why we’re still operating,” he concluded.
All the while, Localbitcoins’ aggregate in Colombia has been growing steadily over the years, although the aggregate is still small.
What do you anticipate of the bitcoin ecosystem in Colombia? Let us apperceive in the comments area below.
Images address of Wonderful Engineering, Localbitcoins, IFC
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