After China, India and Venezuela, the people of Colombia are now looking for an alternative currency. The demand for Bitcoin has steadily increased over time as there is no good financial infrastructure.
The CEO of SurBTC, a Bitcoin broker in Colombia and Chile, Guillermo Torrealba thinks that the market there still has a lot of potential and it will not be long before the price will increase rapidly:
The potential there is enormous, especially because of the lack of banking, financial and technological infrastructure in the country.
Research by the International Finance Corporation (IFC) (member of the World Bank Group) gives the same result. Colombia lacks everything, especially in infrastructure such as banks, schools, administrative buildings:
"Since the global financial crisis of 2008, structural weaknesses in the banking sector have led to deleveraging and restrained credit growth. And new banking regulations have been adversely affected by the ability of banks to provide long-term financing "
Bitcoin is legal
However, it was much more difficult than it was to build a Bitcoin Exchange in Colombia. A big problem was that many Ponzi Scheme operators (snowballs, etc.) used Bitcoin as a currency and thus damaged Bitcoin's image.
