Davivienda and Binance Pilot Crypto in Colombia

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Davivienda and Binance Pilot Crypto in Colombia

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January 17, 2023

Cryptocurrencies continue to boom and their use keeps growing in many countries. Colombia is not far behind and now there is a new cryptocurrency exchange project. The Colombian bank Davivienda is the only one in Latin America with an active blockchain and Binance has joined them to start a pilot plan for banking operations with crypto.

What Benefits Could the Use of Cryptocurrencies Bring To the Country?

High-Security Financial Technology

Transactions made with cryptocurrencies are effective thanks to the blockchain infrastructure, which today is one of the most secure systems since it is information that is stored on different computers and that hackers cannot fully access at the same time.

It Is a Market That Never Closes

Unlike traditional banks, the cryptocurrency market never closes; you can buy, sell, transfer and carry out any crypto transation 24 hours a day demostically and internationally with very low to 0 fees.

Could Help Reduce Inflation

Since cryptocurrencies are ruled by global demand, they are not tied to the economy of a specific country. There are also some cryptocurrencies such as Bitcoin or Ethereum that have usage limits, so this helps to ensure that the available amount of coins cannot get out of control.

The Alliance Between Davivienda and Binance

This project began in December 2021 and has allowed the use of four cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). It is the first project of its kind in Latin America, so it will surely open the doors for other alliances to take place in the region. Also, the fact that the Davivienda bank is part of this alliance is something that will generate confidence in Colombians who have not dared yet to invest in crypto.

Although it is not yet something usual in Colombian businesses, there are currently approximately more than 600 businesses in the country that accept payments in cryptocurrencies. Several of these stores or businesses are quite popular among Colombians, such as Falabella, Jumbo, Éxito, Pepe Ganga, Juan Valdéz, and Rappi. It is also accepted among some restaurants, hotels, cafes, and even in the real estate business. It’s definitely not unheard of that some owners selling their property will take crypto as payment.

Future of Cryptocurrencies in Colombia

By August 2022, Colombia Fintech calculated that cryptocurrency transactions made in the country surpass $70,000 million per month. These figures are very promising for the industry and show that there is a significant number of Colombians who use this type of currency. After this alliance between Davivienda and Binance, it is expected that in the coming months there will be a growth of $500 million pesos regarding the use of cryptocurrencies.

Due to the devaluation that the Colombian peso is currently going through, many people have decided to safeguard their savings in digital dollars. This has accelerated the acceptance of cryptocurrencies and it is expected that there will be a 6% monthly increase in cryptocurrency transactions.



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