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Can Cryptocurrency Save Colombia From an Economic Downturn?

Colombia is a prime example of a country with a weak government and unstable currency where crypto adoption could be fully revolutionary. As of 2021, Twenty-three percent of Colombia’s population remains unbanked and removed from the benefits of the formal economic ecosystem. With rising debt and a skyrocketing fiscal deficit, a major paradigm shift is currently underway as more and more Colombian citizens consider holding their cash assets as cryptocurrency. The country’s financial regulator, Superfinanciera, recently authorized a 12-month pilot program that will facilitate this coming shift utilizing the technologies of Movvi and Bitpoint. Colombian citizens will be able to exchange, transfer and operate using either Colombian Pesos or cryptocurrencies.

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