Bitcoin gains more strength in Colombia after failures in its banking system

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By TP

Thousands of Bancolombia customers discovered that their accounts were at zero on Thursday, August 15, a critical day if one takes into account that it is when many companies make payroll payments and settle debts with companies and individuals. Today, four days later, the failures continue, as stated by some users of social networks. The problem would have been corrected, according to Juan Carlos Mora, president of Bancolombia, who added that it was a a technical error that they managed to identify, evaluate and addressalthough not as quickly as customers expected. “Unfortunately it will take us longer than we would like to resolve it. I understand your annoyance, I share it, we are doing everything possible to get this resolved, I appreciate your patience,” said the bank manager as reported. However, there are customers who still report failures, something that is not new for residents of Colombia, given that complaints abound in the banking system of the South American country, where the Finandina bank leads the complaint report, followed by Santander and Itaú. However, This time the magnitude of the banking problem is generating panic The government is raising concerns among customers, but above all, concerns point to a proposal coming from the government. Specifically, it is about the so-called forced investments, which the State hopes to reactivate the economy. In such a way that the government expects the banks to allocate an additional 50 billion dollars from their portfolio (they already allocate 35 billion dollars) to grant credits to sectors such as tourism, renewable energy and infrastructure. That is why there are those who say that the worst is yet to come in terms of the Colombian banking system. “Bancolombia's mistake today, where savings accounts are at zero, reflects the reality of the country in the near future if the forced investment proposed by Petro is approved. Do you want the government to use your savings?” said X user LafaurieCabal.

Bancolombia and Davivienda are among the entities with the most complaints about failures in Colombia. Source: Redmas.com.

“They are accelerating the adoption of bitcoin in Colombia”

For analyst Juan Téllez, what is happening with the Colombian banking system is nothing more than an acceleration of the “adoption of bitcoin at a rapid pace.” Other X users call on bank customers to investigate and abandon their dependence on using banking services that hold a monopoly. “All this would be solved with a decentralized system,” he said. From his account on X EdwinBo45439705 he said: “we have to wait to be able to move our money because they feel like it. Better to use bitcoin”. In Colombia, there is already a wide adoption of bitcoin, as Camilo Suárez, president of Asoblockchain Colombia, recently pointed out to BitcoinDynamic. “What happens is that there is a differentiation because the decentralized economy, like that of bitcoin, whose network and asset are not controlled or backed by any government or financial entity, depends on each individual.”

«While in the centralized economy, it is the one that most people prefer because, although it requires high fees, it also provides additional guarantees or centralized service. This is, for example, that if you lose your access key, a person can get it again by sending their personal identification. That is what they prefer even if they risk having their funds blocked for X, Y or Z reasons.» Camilo Suárez, president of Asoblockchain Colombia.

What Suarez is referring to is that bitcoin has no borders, and with its decentralization and lack of permissions it grants autonomy in different political jurisdictions. In that sense, bitcoin exists outside the control of central authorities and in doing so allows individuals to control and safeguard their wealth regardless of the political or social decisions dictated by governments. In such a way that with bitcoin in their hands, as long as they demonstrate the greatest confidence in being able to protect their funds in self-custody wallets, Colombians will be able to save in the long term, keeping them out of the reach of state intervention.