Colombia currently has the largest number of Bitcoin ATMs (BTC) in Latin America. According to CoinATMRadar, there are 34 ATMs in the capital Bogota, followed by Medellin with 11, Bucaramanga and Cali with 4 each. Other cities that have at least one ATM include Armenia, Barranquilla, Cartagena, Cucuta, La Hormega and Pereira.
Until recently, countries such as Venezuela and Argentina were often discussed as cryptocurrency hotspots for regional adoption due to factors such as political and economic unrest. Colombia has taken important steps to regulate the cryptocurrency industry in the country, but the government approved a pilot program to test cryptocurrency transactions in September. The pilot program, which operates under the newly established regulatory guarantees, will run until 31 December.
In September, Colombia’s Ministry of Information and Communication Technology (MinTIC) drafted guidance urging the public sector to implement blockchain technology, including cryptocurrencies.
Figures released in August by Statista showed that cryptocurrency adoption has reached double digits in Brazil, Colombia, Argentina, Mexico and Chile.