It is very common for emerging markets to have strong volatility with local currencies against the American dollarthe reference currency of the international market.
In the specific case of Colombiathe North American currency has had a downward behavior in much of the first half of 2023, to the point that the currency closed the month of June below the barrier of 4,200 pesos.
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This situation can be seen as an opportunity to start investing and saving in dollars, because its low price can give a margin of maneuver to more people so that they start doing operations with the currencywhich, being the reserve currency in the world, transmits financial security.
However, one of the situations that many people find themselves when they start saving in dollars is the need to open a bank account abroad, which lengthens the processbecause it is necessary to be clear about the rules of the game for international financial institutions.
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«Latin America needs a tool to avoid the consequences generated by market volatility and a solution to provide access to dollars with all the features of having an account abroad, without the need for the procedures required by American or other banks. countries, for its opening«says Andrés Fonseca, co-founder of the financial ‘startup’ VIO.
VIO is an application that works like an account that allows its users to make operations in dollars in their day to day. This software allows you to change Colombian pesos to digital dollars, save digital dollars, make money orders and receive payments internationally in various currencies.
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As a security measure to ensure the money that is kept, it is one of the most recognized custodians in the world in terms of digital assets: BitGo and Fireblocks.
«When you have your money in VIO, you have insurance of 250 million dollars on your digital assets. This is used by many of the financial entities in the world, since it is not good that the same entity that manages your assets, custodians, and that is why we made an alliance with BitCome on,» Fonseca explained.
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How to create an account?
1. Sign up is this link and enter the data requested to create the account.
2. Do the verification identity through security options.
3. Download the application (available for phones Android).
3. Now with the account activated, You will be able to charge the desired monetary value to your account, either by bank transfer, PSE or digital wallets, this at the rate indicated by the application and without commission for the purchase of dollars.
4. In the digital wallet The monetary value that was previously loaded already appears. To withdraw the dollars, you can do it by transfer to an account that is in your name.