Luis Carlos Reyes admitted that he has had cryptocurrencies, and he considers that they have come to the market to stay.
On the last day of Devcon VI, taking place in the Colombian capital, the director of the Colombian customs office DIAN, made known his point of view on cryptocurrencies, their regulation, and the possibility of creating a CBDC.
Luis Carlos Reyes Hernández, director of the Colombian customs office, participated in the closing day of Devcon VI. Reyes assured that the new Colombian government is open to exploring the necessary proposals to regulate the operation of cryptocurrencies in the country.
“Some of you may have wondered, especially if you have just used a crypto platform, if you have to pay taxes on the profits you make on your investments. I do not know if the representatives of the exchanges in the country are here, we would like them to know exactly what rules they must follow, although cryptocurrencies are not legal tender in Colombia, they are considered for tax purposes.”
Reyes’ Viewpoint on Cryptocurrencies
Reyes explained in his speech that cryptos are considered intangible assets that basically follow the treatment that other jurisdictions give to cryptocurrencies and, in general, to digital assets.
“If you are in Colombia, you know that you must fill out a tax return as a natural person, declare your net worth, which is a very particular thing in the Colombian tax system (…) We are here to help, I have instructed the sub-directorate, in charge of interpreting the tax rules for specific cases and specific industries, to compile all the concepts we have, we have talked about crypto in a single document, and we are also here to collect any doubts you may have.”
The director of the DIAN assured that the entity wants to issue an official concept on the subject of cryptocurrencies, and that they want to do it both in Spanish and in English, so that there are clear rules, not only for Colombians, but also for those who come from abroad to invest.
A CBDC for Colombia?
During the cycle of questions, it was inevitable to leave behind the subject of a CBDC for Colombia. According to Reyes, a central digital currency is more convenient than cash.
“I am going to be honest, from the point of view of the Tax Administration that interests us in the traceability of transactions, especially in the Colombian economy, [the panorama] is so informal and so many people use cash, that [it would be ideal] if we could offer a digital currency that is more convenient, and even more secure than cash”
The director of the DIAN referred to the cases in which Colombians who are part of the informal economy suffer from money theft. For Reyes, a CBDC would offer them the possibility of recovering it, since it is highly traceable.
Facing a question from the attendees, Luis Carlos Reyes admitted that he has had cryptocurrencies, and considers that they have come to the market to stay.
Reyes concluded by assuring the following:
“I think one of the developments that I’m most excited about is central bank-issued digital currencies. I was very excited when the central bank announced that they are studying the issue, I think only good things come from this industry.”
By Audy Castaneda
