Drug Trade Moves Cryptocurrencies in Colombia

SFC (Colombia regulator) allowed the National Bank to work with nine crypto-exchanges. Now cryptocurrency transactions in Colombia will be conducted in the legal field

Colombia supports cryptocurrencies with both hands. In January 2021, the regulator made several decisions to introduce cryptocurrencies into the traditional financial system. They concern the security and technical aspects of cooperation between the state and crypto companies.

In particular, cryptocurrency exchangers wishing to work in the legal field must get the approval of the regulator. The document has already been issued to nine exchanges, including the country's famous Movii and Panda.

In addition to the usual transactions related to investments, Colombia actively uses the capabilities of cryptocurrencies for criminal activity. And not just Colombia...

Over the past year, transactions in Latin America have reached record levels. So, we can safely say that the cryptocurrency movement in Latin America works on drugs and prohibited substances.

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