The Colombian Minister of Finance assures that digital assets are a reality, and there is enormous interest in regulating them. The Financial Superintendent thinks otherwise and ensures that cryptocurrencies are a very dark market that lends itself to speculation. According to the Directorate of National Taxes and Customs (DIAN), in Colombia, there are more than 680 businesses that accept cryptocurrencies as means of payment.
The Minister of Finance and the Financial Superintendent of Colombia showed their contradictory positions regarding the role of cryptocurrencies in the country.
During the 57th edition of the Banking Convention organized by Asobancaria de Colombia, the Minister of Finance Ricardo Bonilla shared his perception of cryptocurrencies in the country.
For the Minister, these digital assets are a reality, and there is enormous interest on the part of the government to regulate their use in the national territory.
The Use of Cryptocurrencies and the Importance of a Regulation in the Country
Bonilla assured that the use of cryptocurrencies should be seen as financial operations, so they should be reviewed and regulated with the same rigor.
During the Banking Convention, Bonilla also indicated that the current government is interested in regulating crypto assets. Therefore, the Sixth Commission of the Colombian Senate recently approved the third debate of four for a bill that seeks to regulate exchanges:
The Colombian Minister of Finance also stressed that it is paramount to properly handle the issue of crypto assets. This is due to the increase in their use within the country.
“The Bank is interested in advancing on the issue. Crypto assets are a reality, but we cannot allow them to be introduced in any way,” says Bonilla.
The Opposite Position of the Superfinanciera of Colombia
Despite the fact that they are part of government entities, the representative of the Financial Superintendence expressed a contradictory opinion in this regard. According to Valora Analitik, César Ferrari believes that cryptocurrencies should not be seen as financial operations in the country.
For Ferrari, cryptocurrencies are a dark market, since “it is known who demands them but not where they originate.” He further added the following:
“I, personally, tell you that this market for crypto assets, which are not assets, which is not a financial market, does not have to be in the care of the Superfinanciera (…) It is a very dark market that lends itself to speculation.”
Cryptocurrencies in Colombia: Usage Figures
In Colombia, the use of cryptocurrencies has been increasing in recent years. To get an idea, Mastercard’s New Payments Index report revealed that, during 2022, 15% of Colombians made transactions in digital currencies with values ranging from $100 to $2,000.
In December 2022, a study by the firm Finder ensures that Colombia is one of the countries with the largest number of cryptocurrency owners in the region. A total of 5.6 million Colombians own these digital assets.
Furthermore, as if this were not enough, its adoption is also evidenced by the sites that already accept payments with these assets in the country. The DIAN (Directorate of National Taxes and Customs) assured that this year there are more than 680 businesses that accept cryptocurrencies in Colombia.
By Audy Castaneda
