columbia atm

Cryptocurrency ATM Boom Comes to Colombia

Although Colombia isn’t a country that has adopted cryptocurrency as a currency, it is second in the Latam region for the number of ATMs. This could be due to Colombia’s high cash usage. This makes cryptocurrency ATMs an important tool to adopt in Colombia.

Colombia’s Crypto ATM Haven

Colombia is currently experiencing a boom in cryptocurrency ATMs, as it hosts the second most ATMs in the region. Columbia was the first country to be in place before El Salvador made its Bitcoin bet and declared cryptocurrency the legal tender. There are currently 50 cryptocurrency ATMs across Colombia. However, the reasons behind this explosion are not yet clear.

Colombia is not well-known for its cryptocurrency adoption. Its involvement with cryptocurrency at the government level was limited, however, to the regulatory sandbox that banks are using with exchanges. There seems to be an increase in interest from cryptocurrency ATM companies to offer their services. This could be due to the proximity of Venezuela and the lively commercial exchange between the two countries.

Alejandro Beltran (CEO of Buda), a Latam-based stock exchange, spoke out about this to Forbes:

Colombia is still a major crypto hub for transactionality. Venezuela, which is in the top three of the global adoption indexes, makes ATM systems an attractive alternative for consumers.

The Figures and Stats

Bogota is the most populous location for cryptocurrency ATMs. There are 29 of them. Six ATMs are located in Medellin; three are in Bucaramanga, Pereira and one in Pereira. The remaining ATMs can be found scattered around the country. This shows that the majority of crypto ATMs are located in cities, far from borders. This seems to exclude transactions between countries being an important driver behind ATM growth. Beltran however has a different theory about the boom.

Colombia is a country that has the highest cash usage in the region. These ATMs help customers manage and transact funds that are not possible to use due to the limitations of the bank sector.

Beltran stated:

We believe that this can be one of the great contributions of the sector so that the ecosystem continues to grow in a vertical way.