Best Places to Spend Crypto in Columbia

Source: Freepik

Key Takeaways

• Around 15% of Colombians use cryptocurrency, with an expected user base of 6.17 million by 2025.
• Major brands like Éxito, Jumbo, and Rappi allow customers to pay with digital assets.
• Crypto is not legal tender, and Colombian banks are restricted from working with crypto-related businesses.
• Users must be cautious due to potential scams and lack of strict regulations.
• Platforms like UPay offer prepaid crypto cards, allowing seamless fiat conversion.

An Overview of Cryptocurrency Adoption in Colombia

Colombia has emerged as one of Latin America’s most crypto-friendly nations, with widespread adoption across various sectors. The country is ranked among the top countries for cryptocurrency usage globally with a 15% adoption rate.

Statista 

The country has embraced digital assets as a viable alternative for financial transactions. Factors such as high remittance flows, a growing tech-savvy population, and government openness to blockchain innovations have fueled this adoption. In fact, Colombia boasts a significant number of Bitcoin ATMs and crypto-enabled businesses, making it a hub for crypto enthusiasts in the region.

While cryptocurrency is not officially recognized as legal tender in Colombia, businesses across multiple industries have integrated crypto payment options. Many stores, restaurants, and service providers now accept digital assets for transactions, allowing users to pay with Bitcoin, Ethereum, USDT, USDC, and more. Popular brands like Rappi, Éxito, and Jumbo are among the establishments embracing this payment method. 

Some of these businesses have integrated crypto payments directly into their systems, while others allow customers to use digital assets through third-party platforms that convert crypto into usable balances.

Best Places to Spend Cryptocurrency in Colombia

S/N	Best Places to Spend Crypto in Columbia	Category
1.	Tiendas Jumbo	Shopping
2.	Despegar	Travel
3.	Rappi	Service
4.	Mind Crypto Caffe	Drink
5.	Cervecería Libre	Drink
6.	Éxito	Retail

Tiendas Jumbo

Tiendas Jumbo is a prominent supermarket chain in Colombia that offers a wide range of products including groceries, electronics, and household items.  Customers can shop both in-store and online through their website, which provides services like home delivery and in-store pickup

This major supermarket chain accepts Bitcoin and other cryptocurrencies as payments for a wide range of products.

Despegar

Despegar, a leading online travel agency in Latin America, has paved the way for crypto adoption in the travel industry. Since 2023, Despegar has partnered with Binance Pay to enable crypto payments for bookings. While this service initially launched in Argentina, it expanded the option to other countries, including Colombia. 

Payments are processed through Binance Pay, and Inswitch, a cloud-based finance-as-a-service platform, ensures seamless conversion of crypto to fiat currency. Despegar’s initiative makes it easier for travelers to book flights, hotels, and vacation packages using Bitcoin and other cryptocurrencies.

Rappi

 

Rappi is a Colombian-founded delivery service that has embraced cryptocurrency as part of its innovative payment solutions. Users can pay for groceries, meals, and various services using digital currencies.

The service also enables users to purchase gift cards with cryptocurrency through platforms like Bitrefill. This integration allows customers to indirectly use digital assets for Rappi services across several regions.

Sebastian Mejia, Rappi’s president, has emphasized the importance of this step for the company.

Mind Crypto Caffe

 

Mind Crypto Caffe is Colombia’s first crypto-themed café located in Medellin. It combines exquisite cuisine, signature cocktails, and specialty coffee with a strong focus on digital assets. The café also serves as a community hub for blockchain enthusiasts. It offers coworking areas and event spaces for networking, brand activations, and educational workshops.

One of its standout features is that it accepts cryptocurrency payments, allowing customers to pay for meals, drinks, and merchandise using digital assets. 

Cervecería Libre

Cervecería Libre  in Bogotá offers a unique experience where you can enjoy artisanal brews while paying with cryptocurrency. This independent brewery is known for its bold flavors, creative brewing techniques, and commitment to fostering a free and open economy—values that align with the principles of decentralized finance.

At Cervecería Libre, customers can choose from a variety of handcrafted beers, each brewed with high-quality ingredients. 

Éxito

Éxito is one of Colombia’s largest retail chains, operating numerous hypermarkets and supermarkets across the country. The company has embraced digital innovation by accepting cryptocurrency payments in select locations. Customers can purchase a variety of products, from electronics to household items, using their preferred digital currencies.

Tools for Spending Cryptocurrency in Colombia

Source: Freepik

Colombia’s growing adoption of cryptocurrencies has created a need for tools and platforms that facilitate the use of digital assets in daily transactions. Here are some of the most popular tools for spending crypto in Colombia: 

Payment Platforms

Crypto payment platforms enable businesses to accept cryptocurrency as a payment method. These platforms act as intermediaries, converting digital assets into fiat currency when necessary or facilitating direct crypto transactions. An example is UPay, which offers secure and efficient solutions for using cryptocurrency in Colombia.

Crypto Wallets

A crypto wallet is a crucial tool for storing, sending, and receiving digital currencies. Wallets come in two types: hot wallets, which are internet-connected for fast transactions, and cold wallets, which remain offline for enhanced security. A reliable wallet like UPay ensures users can efficiently manage their funds and make payments with ease.

Crypto Prepaid Cards

Crypto prepaid cards work like traditional debit or credit cards but are loaded with cryptocurrency. These cards allow users to make purchases at any merchant that accepts standard card payments by automatically converting crypto to fiat at checkout. They are especially useful for everyday expenses such as shopping and dining. UPay is one of the platforms that offer unique crypto cards for seamless transactions anywhere in the world.

Bitcoin ATMs

With over 30 Bitcoin ATMs located in major Colombian cities, these machines provide a convenient way to convert cryptocurrency into cash for spending. They also allow for the direct purchase of Bitcoin and other cryptocurrencies, making them essential tools for crypto accessibility.

Tips for Spending Cryptocurrency in Colombia

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Spending cryptocurrency in Colombia can be seamless and rewarding with the right strategies and tips. 

Use Gift Card Platforms

Many businesses in Colombia do not accept cryptocurrency directly, but you can work around this by using platforms like Bitrefill. These platforms allow you to buy gift cards for major retailers, restaurants, and service providers in Colombia using crypto. This lets you use digital assets for everyday expenses like groceries, dining, and travel without needing direct crypto acceptance.

Leverage Bitcoin ATMs

Colombia has a growing network of Bitcoin ATMs, with more than 30 machines in major cities like Bogotá, Medellín, and Cali. These ATMs allow users to convert cryptocurrency into Colombian pesos, making it easier to spend crypto at businesses that only accept cash. Some machines also enable users to buy Bitcoin and other cryptocurrencies, offering a convenient way to manage digital assets.

Find Crypto-Friendly Merchants

Some businesses in Colombia accept cryptocurrency payments, particularly in tourist-friendly areas and digital-forward industries. Platforms like CoinMap and BTCmap can help you locate crypto-friendly restaurants, hotels, and retailers. Checking local business websites and social media pages can also reveal whether they accept crypto payments.

Use Peer-to-Peer (P2P) Transactions

Platforms like Upay allow users to trade crypto directly with individuals and businesses willing to accept it. This is particularly useful in Colombia, where traditional banking restrictions make it difficult for crypto businesses to operate. P2P transactions can help you buy goods and services without relying on centralized exchanges or intermediaries.

Stay Updated on Exchange Rates

Cryptocurrency prices fluctuate constantly, so it’s important to check the exchange rate before making any transactions. Use tools like CoinMarketCap to monitor real-time rates and ensure you’re getting fair value. Some merchants who accept crypto may also adjust prices based on market conditions, so confirming rates before a purchase can help avoid overpaying.

Challenges of Using Cryptocurrency in Colombia

 

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While cryptocurrency adoption in Colombia is on the rise, users and businesses face several challenges that hinder seamless integration of digital assets into the economy. Key obstacles include:

Regulatory Uncertainty

Colombia does not have a clear regulatory framework for cryptocurrencies. The Financial Superintendence of Colombia (SFC) has stated that cryptocurrencies are not legal tender, currency, or securities, leading to confusion about their legal status. This uncertainty affects businesses, investors, and consumers who want to use digital assets but are unsure about potential legal and tax implications.

Banking Restrictions

Colombian banks are prohibited from providing financial services to cryptocurrency-related businesses. This restriction makes it difficult for crypto companies to operate and forces them to rely on alternative solutions like P2P transactions or offshore banking. Without access to traditional financial services, businesses face challenges in managing transactions, payroll, and liquidity.

Security Concerns

The lack of strong regulations in Columbia has created an environment where fraudulent schemes, Ponzi operations, and scams can thrive. Without government oversight, unsuspecting investors are at risk of losing funds to fraudulent projects. Users must exercise caution by researching platforms, using reputable exchanges, and enabling security measures like two-factor authentication (2FA) when dealing with crypto.

Limited Merchant Adoption

Despite increasing crypto adoption, most businesses in Colombia still do not accept digital currencies as payment. While some retailers, hotels, and service providers support crypto transactions, mainstream adoption remains low. This forces users to rely on workarounds like gift cards, P2P transactions, or Bitcoin ATMs to convert crypto into spendable cash.

Tax Implications

While Colombia does not yet have clear tax regulations on cryptocurrencies, authorities have indicated that digital assets may be subject to capital gains tax. Users who buy, sell, or trade crypto may be required to report gains and pay taxes, but the lack of clear guidelines makes compliance difficult. Keeping track of transactions and consulting a tax professional can help avoid potential legal issues.

Conclusion

Cryptocurrency offers an exciting opportunity for Colombians to embrace a new, efficient, and secure way of transacting. 

With a growing number of businesses accepting digital currencies and innovative tools like UPay crypto card, spending crypto in Columbia is now easier. Consumers can now use crypto for retail shopping, dining, travel, and entertainment.

Despite these advancements, challenges remain. Regulatory uncertainty creates confusion for businesses and consumers, while banking restrictions limit the ability of crypto companies to operate seamlessly. Security concerns, including scams and fraudulent schemes, also pose risks that require users to exercise caution.

Colombia is however positioned to become a major player in Latin America’s crypto economy as more businesses explore crypto payments. For individuals and businesses willing to adapt, cryptocurrency offers a new level of financial flexibility, borderless transactions, and opportunities for economic growth.

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