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HomeCRYPTOCURRENCIESWhat does the bill that seeks to legalize cryptocurrencies in Colombia contemplate?...

What does the bill that seeks to legalize cryptocurrencies in Colombia contemplate? • ENTER.CO

In Colombia, the place of bitcoin within the financial system has not yet been fully resolved, since cryptoactives are still not considered money for legal purposes. And it is that although some exchange platforms currently have authorization from the State to allow cryptocurrency transactions, according to the concept shared between organizations such as the Bank of the Republic, the DIAN or the Financial Superintendence, crypto assets, not having been recognized yet as currency by any international monetary authority nor are they backed by central banks, nor do they count as currency within the country.

However, the state efforts of the current government point to soon regulating the activities that involve the flow of cryptocurrencies: an initiative that is also promoted by the House of Representatives. In the legislative body, a bill has been debated that was presented in August 2021 by congressmen Mauricio Toro and Rodrigo Rojas Lara, with which it seeks to establish the rules of the game under which digital platforms can offer cryptoactive exchange services. In colombia.

Although Bill 139 of 2021 (which is still under discussion), does not intend for bitcoin to be considered a legal tender, as is the case in El Salvador, it does intend to make cryptocurrencies stand out. as virtual assets “with the possibility of being used as a means of exchanging goods and services”, without the State having an influence or control over the value of the different tokens. A point that has encountered resistance, and that, according to its speakers, aims to guarantee the principles of free market and free competition.

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The proposal also seeks that cryptoactive exchange service providers meet certain requirements in order to participate in this market, which is capable of moving a figure of around US$70 billion in the country on a monthly basis. Some of them are related to the obligation for said actors to be constituted as commercial companies domiciled within Colombia, and that said companies have a computer security system, which shields their platforms from possible manipulations or hacks.

The regulation, which in turn contemplates the establishment of measures to prevent said applications and transactions from being used for money laundering, is not the only one that is on the table. The country’s Financial Superintendence also assured that the Banco de la República is currently studying the draft that said agency presented, in which it proposes, from its shore, the operational standards, knowledge of the client that should be applied to guarantee security in the national transactions involving the use of cryptocurrencies.

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