Spanish news agency EFE informed that six leading public and private Colombian crypto-based companies have come together to launch Colombia Blockchain Association whose aim is to support the country’s crypto and blockchain ecosystems and to advise the national government on various blockchain related matters.

The companies in the association are Buda Colombia, Bitcoin Colombia,, IntiColombia, Panda Group and RSK. A representative from each organization met on 16th May and signed the documents to the pioneering association. Various domains were discussed in the meeting which included financial applications, information security, intellectual property, energy sector, electoral systems, real estate registers and much more.

Co-director of IntiColombia Mauricio Toro said:

“It is very important that Colombia is included quickly (in the Blockchain technology) to take advantage of the opportunities (…) The foundation wants to be an actor that articulates the entire system and that finds the solutions to adopt this technology.” The executive director of added: “From now on the work of Blockchain will be to make pedagogy on cryptocurrencies, which today are perceived as a volatile financial asset.”

Toro has been a long time advocate of fiscal decentralization and is a member of Green party member of the Colombian House of Representatives. In the meeting, he openly spoke an “abusive” traditional financial sector that encumbers Colombians with unnecessary costs adding that most citizens distrust the present financial systems. He emphasized on the fact that legislation around cryptocurrencies is a fine line which we have to tread. On one side there is stifling overregulation while on the other is the ability for bad actors to misuse cryptocurrencies.

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