The Background of the Colombian Peso The Colombian peso is Colombia’s official currency. While the currency is subdivided into centavos, it’s worth noting that these coins are no longer minted due to the high inflation in the 1970s and 1980s. They’re legal tender, but they're rare. Like many neighboring regions, Colombia used the Spanish colonial real until its independence. It was replaced by the Colombian real in 1837 and later by the Colombian peso in 1847. An interesting fact about...
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The Background of the Colombian Peso

The Colombian peso is Colombia’s official currency. While the currency is subdivided into centavos, it’s worth noting that these coins are no longer minted due to the high inflation in the 1970s and 1980s. They’re legal tender, but they're rare. Like many neighboring regions, Colombia used the Spanish colonial real until its independence. It was replaced by the Colombian real in 1837 and later by the Colombian peso in 1847. An interesting fact about this currency is that for a while, the real was renamed decimo! The change lasted a few decades.

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The Colombian real comes in fifteen denominations. Seven of them are banknotes, while the remaining eight are coins. The banknotes include 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000 reales. Of the coins, the 50, 100, 200, and 1,000 reales coins are used frequently. The 5, 10, and 20 reales coins are rarely encountered in everyday use today. In addition to Colombia, the Colombian real is also used in some areas of Venezuela. This is because of the rapid decline of the Venezuelan bolivar due to hyperinflation.

Support for the Colombian Peso by Casino Payment Options

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While online gambling in Colombia might have been an issue for players until recently, it’s not a bright spot in the country! Players can find a plethora of top-notch online casinos to bet in, and what’s better, they accept some of the most popular payment methods out there with support for the Colombian peso! These options have tons to offer, some more than others. Here are the best ones you can choose to play with:

  • AstroPay Card: AstroPay Card is a pretty popular payment option in Latin America, especially when online gambling is in question. The reason for this is the nature of the service itself. Since AstroPay is a prepaid card, it guarantees anonymity! Many players like to keep their banking info to themselves, and services like AstroPay Card allow them that privilege. On top of that, AstroPay Card is known for offering instant deposits and no fees! Unfortunately, withdrawals aren’t available through this method.
  • VISA: Since VISA is easily the most popular bank card worldwide, it’s no surprise to see it as a go-to option for Colombian users. The service is trustworthy, safe, and available on many gambling sites! With VISA at their side, players can visit the best casinos out there. The only critique some players have of VISA is that it falls behind some of the more modern payment services, especially with payment processing speeds!
  • MasterCard: Like VISA, MasterCard is a well-established bank card with a long history. It provides users with high-end security, a convenient way to transact, and access to countless online gambling venues! The pros of MasterCard are undoubtedly worthwhile, but players should keep the cons in mind before deciding on this option. Since it is a bank card, MasterCard can seem outdated compared to modern payment options. This is especially apparent when payment processing times come into play.
  • EcoPayz: EcoPayz is an eWallet service based in the UK. It’s been gaining more traction in the Latin American market recently, with many Colombian users adopting the service for online transactions. EcoPayz offers the staple benefits of using an eWallet. These include anonymity, speed, and reasonable fees! On the downside, the service is still growing in the region, so it’s not available in too many venues.
  • MuchBetter: MuchBetter is a newer payment service that’s grown rapidly in its short time on the market. MuchBetter is used for various online transactions in Colombia, but it’s still a newcomer to the online casino market. Because of this, it’s only available on a few sites. On the bright side, the service is safe, quick, and convenient to use! If you find a venue that accepts MuchBetter payments, you’re bound to enjoy it.

Gambling Laws & Regulations for Colombian Peso

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The gambling laws and regulations in Colombia have undergone many changes recently. While there were no systems in place to license and regulate the work of operators, companies came under fire for providing online gambling services to players. A resolution for this came up in 2015 and was executed by the end of 2016 with the eGaming Act. A partnership was established between the government and a regulatory body for the industry, the EICE Coljuegos. Regulatory standards were created and set in motion to start licensing operators that fit the bill!

Colombian gambling fans can enjoy a myriad of onshore and offshore online gambling sites licensed in the country. The government takes issues related to gambling seriously, so players can expect swift and hard-hitting responses if problems come up during gameplay. It’s also worth noting that shady and unregulated websites are blacklisted, so players needn’t worry too much about stumbling upon scams.

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