Colombians increasingly using cryptocurrency, may be next LATAM nation to adopt.

A Latin American crypto exchange, Bitso, claims that Colombians are increasingly adopting cryptocurrencies.

According to Criptonoticias, Bitso has seen a tenfold increase in the number of its individual retail clients since this time last year.

Bitso established its offices in Colombia during the first half of 2022.

The company was founded in Mexico in 2014 and has expanded to several Latin American states.

Bitso stated that it has already diversified its range of products and services in Colombia, and now offers solutions to companies and institutions in the country.

Some of the highlights of Bitso’s first year in Colombia include the addition of sports club fan tokens to its platform.

Coins like these are starting to gain popularity in LATAM.

The company also committed to promoting cryptocurrency regulation law in Colombia and is participating in regulatory discussions with regulators.

Emilio Pardo, Bitso Colombia’s Country Manager, said:

“The growth [in] adoption of cryptoassets among Colombians is a clear example of the potential that the country has in terms of these assets going mainstream. [Crypto] can provide an effective alternative for financial inclusion.”

The company claims to have more than 7 million users, most of whom are thought to be based in LATAM.

Crypto Adoption: Colombia’s Turn?

Inflation has been relatively stable in Colombia, particularly compared to other LATAM nations like Argentina.

Inflation has led to a massive spike in Argentinian interest in tokens such as Bitcoin and USDT.

But adoption is also thought to be on the rise in Colombia.

Earlier this year, Binance rolled out a prepaid crypto card in the country.

And last year, the nation’s government unveiled tentative plans for crypto sector regulation.

The media outlet said that it was estimated that up to 92.1% of Colombians have access to a crypto-related formal financial service.

Last year, the Colombian Tax and Customs National Authority suggested that the nation wanted to launch a digital currency in a bid to combat tax evasion.

Tax officials think that a figure equal to around 8% of the country’s GDP is evaded by tax dodgers every year.

The nation has also attempted to introduce retrospective crypto trading-related taxes.