Financial authority of Colombia joined the crypto space to save their country’s situation from a big economic downturn.
In the present time, the economic situation of Colombia is measurable. Many people are protesting against the government failure over their rules & regulation over economical industries. In April & May, many people of Colombia protested against the government and in that situation, we can see, the Government of Colombia failed to stop activists.
In this situation of economic crisis, people of Columbia are looking for better assets to maintain the worth of their money that they have.
The country’s financial regulator, Superfinanciera, approved a program that will pilot for next 12 month. According to this program the people of Columbia will be able to Exchange their cash from Colombian Pesos or crypto.
All the interested Columbian have to go through only Movvi and Bitpoint to cash-in or cash-out. Users have full authority to exchange or transfer for their crypto or Colombian Pesos.
It is worth noting that, in this situation of the debt crisis in Colombia, Financial authorities are relying on crypto-like assets. It is because they know the potential & belief in crypto instead of any another way. Well it will be interesting to see whether Colombia will get success to overcome from their economic crisis with crypto adoption.
According to a report of Buda.com, Chilean crypto exchange. The trade Volume in Q1 of 2021 crossed the total volume of the whole 2020 trade by Colombians. This is clearly showing how much Colombian are moving toward the crypto industry in such a measurable situation.