Payments with Bitcoin and cryptocurrencies have become a differential advantage for the main businesses and stores in Colombia.
Cryptocurrency payments are offering a competitive advantage for businesses and merchants, mainly because they allow for a new and innovative payment experience, while making it easier for users and consumers to spend their crypto assets on a daily basis.
According to data released by Colombia's National Tax and Customs Directorate (DIAN), payments with Bitcoin and other cryptocurrencies in the country grew significantly last year, along with the user base that makes use of these digital assets to pay for their products and services.
At present, There are 680 shops and businesses that accept payments with crypto assets in the country, according to data from the DIAN. Most of the businesses that accept Bitcoin and other cryptocurrencies as payment methods are located in major Colombian cities, such as Bogotá and Medellín.
According to the DIAN, in Bogotá alone, Colombians have the option of paying with Bitcoin and other cryptocurrencies in 177 commercial establishments, such as Rappi and Jumbo, two important companies established in the country.
The innovation of digital payments
Digitalization has not only brought about an evolution for transactions and payments, but also an essential tool for improving business competitiveness and efficiency. Through blockchain technology, transactions can be carried out more quickly and with lower commission fees compared to traditional methods, offering greater advantages and conveniences for end users.
Due to the potential offered by cryptoassets, the Colombian economy has been steadily moving towards this innovation.
Colombia is among The first Latin American countries to adopt Bitcoin and cryptocurrencies, integrating these digital assets even into its banking system.
A report published by Chainalysis last year placed Colombia among the top 20 developing economies with the highest cryptocurrency adoption. The report highlighted that between 2022 and 2023, the country had handled more than $26.000 billion in cryptocurrency trading volume.
In addition to this, data from the Coin ATM Radar platform shows that Colombia is the second country in the region with the largest number of cryptocurrency ATMs installed, which are mainly concentrated in its capital, Bogotá.
More businesses accept payments with Bitcoin and cryptocurrencies
In the South American country, almost 700 businesses have adopted Bitcoin and cryptocurrencies as an option among their payment methods. These establishments range from restaurants and cafes to hotels, supermarket chains, hair salons, gyms, jewelry stores, transportation companies and more.
On the DIAN website, you can check the commercial establishments that accept payments with crypto assets in Colombia, either to improve the image of their brands and make customers perceive them in a more modern way, or as a strategy for early adoption of the innovation and revolution that new technologies are causing in the current system.
The arrival of Bitcoin ETFs on the market
Despite the importance that Bitcoin and cryptocurrencies have gained in recent years, there is still no established regulation to regulate the use and circulation of cryptocurrencies in Colombia.
According to Portafolio, Colombia Fintech President Gabriel Santos has emphasized the need for Colombia to regulate cryptocurrencies and adapt to the innovation of digital payments.
Santos argues that the approval of Bitcoin ETFs in the United States should serve to boost the creation of a legal framework for crypto assets in the nation.
It was recently announced that the Lima Stock Exchange (Peru) authorized the listing of several of the Bitcoin spot ETFs, to provide transparent and regulated exposure to Bitcoin to its investors. In light of this, the president of Colombia Fintech said a Portafolio that the importance of cryptocurrencies is indisputable and that the world, including Colombia, should move forward with comprehensive regulations that allow the mass adoption of these assets.
Last month, Finance Minister Ricardo Bonilla, emphasized the need to regulate cryptocurrencies, during his speech at the World Economic Forum in Davos, Switzerland.
Continue reading: R3 hires Bob Wigley to strengthen its digital finance business strategy
