The deployment of 5G around the world continues to progress at a rapid pace, especially in North America and Asia. Its advantages and efficiency as a data transmission network have been widely demonstrated in different fields such as agriculture, education, health, and surveillance. However, this process does not have the same dynamics in Latin America, specifically in Colombia. The country is currently implementing actions aimed at facilitating the deployment of this technology in the short term, including pilot tests for the use of the radio spectrum, spectrum auctions, the planning of future auctions, and the review of spectrum caps. The results of this review allow us to conclude that despite the forecasts and the intentions of the Colombian government and mobile communication service operators, 5G in standalone mode will not be commercially available in Colombia before the end of 2023. The main failures in its deployment are related to the lack of available spectrum to support the ultrahigh-reliability and low-latency, enhanced mobile broadband, and massive machine-type communications scenarios, as well as the delay in the auction processes for its assignment.