Cryptocurrencies have revolutionized the global financial landscape in recent years, but their lack of regulation has posed significant challenges. In Colombia, a new bill seeks to address this situation and establish a legal framework for the use and trading of cryptocurrencies. This initiative, which has generated both interest and controversy, raises the question of whether regulation can provide security and trust to cryptocurrency investors and users in the country.
Weeks before, a bill had failed to pass through congress, but on July 20th, a new initiative will be presented that is expected to be better received by the government. The Minister of Finance, Ricardo Bonilla, stated that there are interests in regulating crypto-assets. He said, “To those who have that interest, we are telling them that they first have to guarantee the autonomy and independence of the Central Bank and that there cannot be another primary source of issuance other than the bank.”[1]
Furthermore, the minister mentioned that he believes cryptocurrency operations are financial transactions and therefore should be regulated by the Financial Superintendent.
On the other hand, the Financial Superintendent, César Ferrari, stated that “personally, I can say that this market of crypto-assets, which are not assets, which is not a financial market, does not need to be under the supervision of the Financial Superintendent.”[2] This represents a problem as there is a lack of agreement between the institutions on who should be the responsible authority.
According to Senator Gustavo Moreno of the Green Alliance-Center of Hope, in Colombia, “five million people engage in cryptocurrency transactions, and a legal framework is needed to prevent money laundering and scams.”[3] Therefore, it can be inferred that a regulatory framework is required for this sector.
The new bill is being adjusted and negotiated with the authorities, who will be responsible for deciding which entities will oversee and update the regulatory framework.
The bill is presented amidst the demands of some representatives of cryptocurrency exchanges operating in Colombia, “who are requesting regulation that offers guarantees, trust, and security to users interested in investing in cryptocurrencies.”[4]
Those involved in the project “highlight the importance of establishing an official list of accredited platforms with proven experience and technical resources.”[5]
It is important to mention that according to Cryptomarket, Colombia “is among the top ten countries with the highest cryptocurrency trading volume internationally, with a monthly volume close to USD 200 million.”[6] Given this, having a regulatory framework is essential for the sector.
In conclusion, the bill to regulate cryptocurrencies in Colombia represents an important step towards financial security in the digital world. While regulation presents challenges, it also offers the opportunity to establish a clear legal framework that promotes innovation and protects the rights of users.
As the project progresses, it will be crucial to consider diverse perspectives and find a balance that fosters the growth of the crypto sector without compromising financial integrity.
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[1]https://www.portafolio.co/economia/finanzas/criptomonedas-en-colombia-proyecto-se-presentara-en-julio-584966
[2]https://www.portafolio.co/economia/finanzas/criptomonedas-en-colombia-proyecto-se-presentara-en-julio-584966
[3]https://www.portafolio.co/economia/finanzas/criptomonedas-en-colombia-proyecto-se-presentara-en-julio-584966
[4]https://es.cointelegraph.com/news/new-bill-to-regulate-cryptocurrencies-in-colombia-to-be-presented-in-july?utm_source=Telegram&utm_medium=social
[5]https://es.cointelegraph.com/news/new-bill-to-regulate-cryptocurrencies-in-colombia-to-be-presented-in-july?utm_source=Telegram&utm_medium=social
[6]https://es.cointelegraph.com/news/new-bill-to-regulate-cryptocurrencies-in-colombia-to-be-presented-in-july?utm_source=Telegram&utm_medium=social
