Republic Of Colombia Congress Looks To Regulate Crypto And Blockchain Space With New Proposal

Colombia Is Looking At Regulating The Crypto Space

The regulatory body in Colombia, the Superintendecia de Sociedades back in January 2017 went ahead to declare that there is no digital currency in the market that is legal, this is according to the Colombian law.

The only thing that was considered to be legal is the Peso, the Colombian national currency. But two years later, there was a massive paradigm shift. This is when Congress went ahead to propose a bill that will be able to regulate instead of ban the digital assets.

A Bill Was Tabled To Regulate The Crypto Space

Mauricio Toro is the Congress representative that filed the bill; he went on to state that it is not only for the currencies that are present but all the assets that are being exchanged on the digital platform.

He went on to explain that in the event that the bill is passed, then it will be able to create a regulatory scheme. One that will be able to allow the traders within the community to exchange the assets easily and also be able to prevent the increased cases of crypto fraud.

“The idea is to allow this exchange between Colombians, but have it regulated by the State.” According to Mr. Toro.

The Superintendence of the industry and commerce will be responsible for monitoring the platforms. Additionally, the companies within the crypto space would need to share their transaction data with the current authorities. Thus, this will help in the identification of any illicit activities that are taking place on the companies’ end.

The Developing Countries Are Showing Some Interest In The Crypto Space

The countries that are in Latin America has half the population that is eligible to own bank accounts, but they remain to be still unbanked. As a result, if you would like to make any type of cross border payment, it could cost you about 20% in fees.

With these issues lingering in the market, it has added to the acceptance of crypto coins together with other developing nations.

When we look at countries like Venezuela, they have been experiencing several levels of hyperinflation, consequently, your life savings can be rendered to be worthless overnight. This is where we are able to see several use cases of the crypto coins, as they are not being regulated it makes the currency to be free from any threat that it could lose its value overnight.

Therefore, we can easily say that for governments that are creating adequate laws to regulate the crypto space and getting a better understanding of the technology to leverage the economy is the best way to go about it. As this will be able to benefit the country as a whole.

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