Blockchain and Cryptocurrency Find Way Into Colombian Senate Debate

Blockchain and Cryptocurrency Find Way Into Colombian Senate Debate

The Colombian Senate held a debate on cryptocurrencies and blockchain as mechanisms to modernize the country's digital economy.

This Wednesday June 6, the Third Senate Committee was convened by Senator Antonio Navarro Wolff of the Alianza Verde party, with participants including the Bank of the Republic, the Ministry of Finance, the Ministry of ICT and the Superintendent of Finance of Colombia.

Navarro Wolff opened his speech by arguing that the Colombian state should investigate blockchain in greater depth, saying that technology could change the lives of Colombians in its application in the administrative, economic and political spheres, since, for example, this technology can strengthen the security and transparency of the electoral system, facilitate intelligent contracts and benefit the management of public services.

The senator stressed that the cryptos have attracted the attention of Colombians after their astronomic rise of the markets in 2017. He also called on the Ministry of Finance to carry out both the implementation and regulatory oversight of the new technologies.

For their part, members of the ICT Ministry said that blockchain systems generate trust and are secure, and should be pursued for the country's digital economy to thrive.

Blockchain Development in Colombia

A representative of the Financial Superintendent spoke of a new working group, called INNOVA, which was recently founded to investigate the uses of blockchain, as well as to promote prudence and citizens’ protection.

Last month, Colombia's Blockchain Association was launched to act as an interlocutor with the national government and encourage the adoption of new financial technologies, without compromising the decentralized principles of blockchain.

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