BBVA is a Spanish private bank. It published an article that stated Latam users were very interested in crypto-powered solutions. According to the institution, close to 20% are Colombians using their New Gen accounts which can be accessed from Switzerland. They are drawn by crypto services.
According to BBVA, Crypto Services Attract Colombians
Latam customers are increasingly accepting cryptocurrency and the associated services because of the unique characteristics of their economies. According to BBVA, a Spanish bank that offers services worldwide, Latam users are a big part of the customers attracted by the company’s crypto solutions. BBVA published an article that revealed close to 20% of New Gen account users are Colombians. These accounts allow customers to directly invest in cryptocurrencies from their bank accounts.
The account offers the opportunity to trade bitcoin or ethereum with fiat currencies via a digital wallet. This is a very attractive option for citizens in this country. According to data provided by BBVA 37% of Colombians who visit the account page are interested.
Because of the clarity in cryptocurrency law, the services are based in Switzerland. Alfonso Gomez BBVA’s CEO for Switzerland spoke out to The Banker June in an interview. He explained why the company offered crypto services to Switzerland. He declared:
Switzerland takes initiative. Finma is one example of a proactive bank that’s always available to assist. The regulators love it when banks like BBVA come to them with their traditional banking knowledge and tell them that they are looking into this type of technology.
Cryptocatches on in Colombia
The popularity of cryptocurrency-based solutions in Colombia has steadily grown, which attracted the attention of many exchanges who opened up their services to Colombians. Bitso and Ripio are both crypto trading firms based in Latam. They have now expanded their presence in Colombia.
The country’s government has taken steps to regulate crypto assets and exchanges. Financial Superintendence of the Country proposed rules that would govern the relationship between virtual asset service providers (VASPs), and banks.
Similar to the previous discussion, the Colombian Congress passed a bill in June that regulates cryptocurrency exchanges.
How do you feel about Colombians’ interest in crypto-based solutions. Please leave your comments below.
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