Crypto’s rising popularity in Colombia

• • Colombia to prevent tax evasion with national digital currency: Report – August 2022
    Luis Carlos Reyes, the head of the Colombian Tax and Customs National Authority, claimed that the government of newly inaugurated Colombian President Gustavo Petro will seek to create a digital currency to prevent illicit financial activity like tax evasion. Colombia’s digital currency plans are part of the country’s new monetary policy measures aiming to increase the transparency of financial transactions, the official said in an interview with the local magazine Semana.

     

  • Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges – June 2022
    Colombia is edging closer to a time when banks and cryptocurrency exchanges can collaborate as the nation advanced the local cryptocurrency industry’s regulatory framework several months ago. The regulations include cybersecurity guidelines and tools to track cryptocurrency transactions, as well as a risk management framework for money laundering and terrorism financing. The strategy demonstrates Colombia’s commitment to a time when people will be able to purchase cryptocurrency using standard banking accounts.

     

  • Colombia clamps down on crypto tax evasion as adoption thrives – February 2022
    Colombia’s tax authority is tightening the screw on Bitcoin and cryptocurrency-related tax evasion against a backdrop of burgeoning cryptocurrency adoption.

     

  • Coindesk: Colombia’s First Commercial Bank to Pilot Crypto Services – March 2021
    A Colombian commercial bank established in 1870 is to trial cryptocurrency services through a sandbox project set up by the country’s financial regulator. Banco de Bogotá said Monday the pilot program begins this month and will allow the bank to explore business models and risks associated with the handling of crypto assets.

• • Bitcoin Magazine: Colombia will become BTC Haven – March 2021
    The Financial Superintendency of Colombia (FSC) recently authorized nine alliances between local, regulated banks and cryptocurrency exchanges. The initial partnerships are reportedly going to include: Bancolombia with Gemini; Davivienda and Powwi with Binance; Banco de Bogotá with Bitso and Buda; Coltefinanciera with Obsidiam; Coink with Banexcoin; and Movii with Panda and Bitpoint.

• • Bitcoin.com: Colombia’s Financial Superintendent Approves Nine Crypto Platforms… – February 2021
    In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens.