The regulatory space would allow demystifying existing prejudices. The audit would be relevant but not essential for adoption.
The conformation of the regulatory sandbox or testing space for Bitcoin in Colombia is turning the wheel of the narrative that already existed in the country regarding the first cryptocurrency. This conformation took part in the panel at the eighth edition of LaBitConf, and analyzed the advances of the local bitcoin ecosystem what it holds for the future.
The speakers Mauricio Tovar, CEO of the privacy-oriented startup TRU; Yesika Padilla, director of innovation and technology of the Davivienda bank; Alejandro Beltrán, country manager of the Buda exchange, and Simón Chamorro, CEO and co-founder of the remittance company Valiu, exchanged views with the moderation of Juliana Carmona Giraldo, director of operations at Colombia Fintech.
Mauricio Tovar is one of those who consider that Colombia has needs that can turn into more potential opportunities. One of them is the neglect on which that the financial system stands for to achieve greater inclusion. Tovar assured that people are looking for options and that Bitcoin can meet those requests to mobilize or protect value.
Alejandro Beltran, Buddha’s representative in Colombia shares a similar point of view, although with a social questioning, the manager pointed out that in the country there is the concept that regulations are reliable and that what is not regulated is illegal or is outside the law. On this point, Beltran stressed:
“We must shift the chip towards cultures that are more open to exploration and innovation. While the regulatory framework is important, it is not essential for adopting the technology. Also, all the advances of the fourth industrial revolution are arriving and in the end, regulating them at an early stage may bring more risky results”.
Regarding the regulatory sandbox, the Buda spokesperson also commented that the project pursues goals to establish minimum operational mechanisms for cryptocurrency exchange platforms.
In other words, the Colombian financial authorities pursue the consolidation of a risk management system against money laundering and cybersecurity. “Crypto-assets need a clearer definition,” he stressed in the panel.
Demystify Bitcoin with regulation
The reach that Bitcoin has achieved around the world in recent years has forced multiple regulators to take a closer look at it to, in a certain way, delimit it. For Yesika Padilla, banks and supervisory institutions must understand cryptocurrencies as a new reality in the global market.
The innovation director of Davivienda classified as a good sign the opening of a space such as a sandbox to develop tests that allow exploring the potential of Bitcoin. Based on the results shown, it would be possible to establish alliances between exchanges and institutions that are already regulated, such as banks.
“We have a very important regulatory burden that sometimes prevents us from going at the same speed as emerging technologies in terms of appropriation and deployment of projects. In good time, Colombia opens this opportunity for collaborative work that will allow us to demystify the preconceived ideas about the crypto world, “said the panelist.
Padilla said that there are prejudices from the bank against “this type of new offers.” However, he indicated that the first steps are being taken ahead to create a trusted environment of co-existence between users and financial institutions.
By: Jenson Nuñez.
