Paxful to Bring 20 New Bitcoin ATMs to Colombia

A collaboration between two cryptocurrency companies might bring 20 new bitcoin ATMs to cities around Colombia.

The bitcoin exchange, Paxful, and crypto ATM firm, CoinLogiq, revealed the collaboration on September 5. By linking the Paxful kiosk feature with CoinLogiq hardware, clients will be able to buy BTC utilizing cash, credit, and online debit transfers.

Coinatmradar.com said that Colombia as of now brags 46 bitcoin ATMs, about triple the number of all the other terminals found in South America. Furthermore, Paxful conducted a study of 1,000 random Colombian internet users and found that about 80 percent of Colombians are open to investing in cryptocurrencies.

However, there are a few concerns. Colombian regulators have thus far displayed a hardline position against cryptocurrencies. In 2017, Colombia’s central bank, Banco de la República, announced crypto does not represent legal tender, while the Superintendencia Financiera (SF) stated financial institutions are not authorized to invest, broker, or manage cryptocurrencies.

Albeit these dictates, crypto exchange LocalBitcoins found that exchanges made in Colombian pesos spiked 1,200 percent in 2017.

Evidence implies that demand for crypto in Colombia is at least somewhat driven by expatriates from neighboring Venezuela. In truth, as already reported, a cottage industry of crypto exchanges and ATMs has grown offering services for Venezuelans to trade their hyperinflated cash and send remittances back home.

The newly-added ATMs will be put in shopping malls and other public spots. The machines will permit clients to withdraw or deposit cryptocurrencies. Paxful did not reply to a request for comment at the time of writing.

Magdiela Rivas, Paxful’s director for Latin America, stated the collaborating firms are also working to put 25 new cryptocurrency ATMs in Peru.