Latam users are particularly interested in BBVA’s crypto-powered solutions, according to a recent article published by the private bank with headquarters in Spain. According to the organisation, about 20% of the users of their New Gen accounts, which are accessible from Switzerland, are Colombians drawn to the crypto services these accounts provide.
Due to the peculiarities of their economies, customers throughout Latam are adopting cryptocurrencies and the services that go along with them more and more. According to BBVA, Colombians make up over 20% of the users of its New Gen accounts, which lets consumers invest in cryptocurrencies straight from their bank accounts.
The ability to trade in Bitcoin and Ethereum along with the option of converting these currencies to other fiat currencies through a digital wallet makes this type of account particularly appealing to inhabitants of this nation. 37 per cent of Colombians who visit the account website are interested in the services, according to BBVA data.
Due to the country’s clear cryptocurrency legal framework, the services are situated in Switzerland. Alfonso Gomez, CEO of BBVA for Switzerland, spoke about the reasons behind the company’s decision to offer cryptocurrency services from the nation in an interview he provided to The Banker in June.
“Switzerland is proactive. Finma, for example, is always willing to help. And the regulators are quite comfortable when traditional banks such as BBVA approach them and say that we are thinking about this kind of technology.”
Several exchanges have opened their services to Colombians in response to the steadily increasing interest that users in Colombia have in cryptocurrency-based solutions. This year, Latam-based cryptocurrency trading firms Bitso and Ripio both grew to offer their services in the country.
The country’s Financial Superintendence has proposed establishing regulations to control the interaction between virtual asset service providers (VASPS) and banks as part of the country’s plan to begin regulating digital assets and exchanges.