Bitso, an exchange for cryptocurrency based in Mexico, has been expanding and consolidating its presence in Colombia, in response to growing interest in these technologies. Bitso appointed Emilio Pardo to be its new country manager. This will allow Bitso to officially launch the operations in Colombia through a partnership with Banco de Bogota.
Bitso goes to Colombian Market
Bitso, the Mexican cryptocurrency exchange, now has its eyes on Colombia to grow. This company has been included in the crypto regulatory sandbox that was established in Colombia as part the ongoing experiment to allow these virtual asset services providers to continue to operate. Bitso’s crypto services will be available to customers of Banco de Bogota who have an account with the exchange.
Bitso won’t charge normal prices for purchasing cryptocurrencies as a bonus for the 5,000 customers who sign up for the trial. They will have the ability to purchase Bitcoin, ether (ETH), Bitcoin cash (BCH), and lightcoin (LTC) directly with Colombian pesos.
Bitso is not the first exchange to join this sandbox. Gemini, an American-based exchange, entered into a similar partnership with Bancolombia. Binance and Davivienda signed another partnership similar to this in January.
Colombia’s Crypto Expansion
In the last year, Colombia experienced an increase in cryptocurrency adoption and awareness. Emilio Pardo (the newly appointed country manager for Bitso Colombia) believes this. It was this factor that Bitso decided to focus its expansion on South America. Pardo said:
One of the biggest moments in cryptocurrency adoption in Colombia, and Latin America overall is here. This will not only benefit Colombia’s financial ecosystem, but it will also help educate and address the needs of our customers and fellow citizens.
This country recently completed its first property purchase using bitcoin and now has Latam’s second-largest network of cryptocurrency ATMs. This growth has led to the government adapting its regulatory structure to allow for cryptocurrency operations. On February 2, the Colombian tax authorities announced that they were taking extra measures to find taxpayers who had incorrectly reported cryptocurrency transactions.
The same applies to cryptocurrency transactions exceeding $150. This will be required by exchanges and individuals starting in April.
What do you think about Colombia’s crypto growth and Bitso’s expansion into the country? Please leave your comments below.
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