Bitso, a Mexican cryptocurrency exchange with over four million clients, is eyeing Colombia. The firm is now a member of the country’s regulatory crypto sandbox, which is part of an ongoing experiment to allow these virtual asset service providers to function. Bitso’s crypto services will be available to Banco de Bogota clients who have an account with the exchange. Bitso hired Emilio Pardo as the new country manager to launch operations in Colombia.
As a perk to the 5,000 users included in the pilot, Bitso will not charge the standard cost for purchasing cryptocurrency. These customers can use Colombian pesos to buy Bitcoin (BTC), ether (ETH), Bitcoin cash (BCH), and litecoin (LTC).
Colombia has seen an increase in bitcoin knowledge and usage over the previous year. This is the perspective of Emilio Pardo, Bitso’s freshly hired Colombia national manager. This is one of the elements that encouraged Bitso to concentrate its expansion efforts in South America.
Pardo had this to say about it:
We are experiencing one of the most pivotal times in the acceptance of cryptocurrencies in Colombia and the Latin American continent as a whole. This will not only improve Colombia’s financial ecosystem, but it will also assist in educating and meeting the demands of our clients and fellow citizens.
The country just completed its first bitcoin real estate transaction and has the second-highest number of cryptocurrency ATMs in Latin America. As the cryptocurrency market expands, the government is adjusting its present legal structure to accommodate and supervise cryptocurrency activity.