The proposal suggests relocating the people who currently make up the staff of the notaries to other tasks and other entities.

There are 911 notaries in Colombia, 77 of which are located in Bogotá. In the first half of 2021, 112 notaries in the country were transformed into “virtual notaries” but this transformation is partial and deficient since the concept of “virtual notaries” currently in Colombia implies the existence of an official (notary) that approves the process (one by one). Therefore, the delay remains the same despite the adoption of technology, and citizens must go to the notary’s office in person.

Seeing this, Colombian legislator Mauricio Toro is proposing a bill to replace notaries with technology, such as the Blockchain, to allow all the processes to be carried out virtually.

“Our proposal focuses on gradually unifying all the notaries in the country into a single entity that has a single repository of digital information and that uses Blockchain technology for all notarial and public faith procedures so that citizens can carry out procedures without leaving home while investing little time and at a minimum cost. This technology can be used in the authentication of documents, issuance of copies, civil registries, public deeds, among other functions, for which efficient technology already exists and is used in other countries,” said Toro.

The Proposal

The congressional representative explained that the figure of the notary will disappear as it exists today in Colombia (a person who signs documents, and gives “public faith” through their storage and custody on paper) because today Blockchain-type technology is much more reliable, effective, and efficient to exercise these functions of public faith, custody and identity verification.

To avoid the creation of new entities and thus increase their fiscal cost, the proposal contemplates reforming the nature of the Superintendence of Notaries and Registry, which would cease to function as a supervisor, to become a National Agency of the Digital Notarial Function.

Likewise, each municipality will have at least one physical headquarters of the Agency so that people who do not have access to the internet or who do not wish to carry out the procedure virtually, or who live in remote areas where there is no connectivity, can attend.

The proposal also includes enabling a regulatory Sand Box prior to final regulation and implementation. A period of one year, in which a regulatory “sandbox” is carried out where the public and private sectors can carry out procedures, contribute technology, proposals and obtain quality information so that the regulations that the Government must make are relevant, adequate, and updated. , taking into consideration the Colombian reality, the legal needs, and the behavior of citizens

Once the approval of the regulation takes place, there should be a period of gradual adoption and implementation of approximately 3 years, facilitating its adoption and guaranteeing job stability for notary public officials.

What will happen to Notary Public Officials?

As for the human talent currently used by notaries, a part will be part of the new Agency, to fulfill its functions, for support and administration in the territorial points of the new Entity. Another fraction will be teaching and disseminating new technologies in municipalities where there is low digitization. Finally, another fraction may go to courts for small causes and multiple jurisdictions to receive extra-procedural statements, and even to entities such as the Attorney General’s Office where 1,200 new positions opened, the Comptroller’s Office, and the Ombudsman’s Office.

According to the proposal, the new digital notarial function must go hand in hand with the process of adopting the Digital ID currently carried out by the National Registry of Civil Status to really use this new ID, which will allow the biometric recognition of citizens without additional costs.

Finally, representative Mauricio Toro, who has led innovation and technology issues in the Colombian Congress, hopes to be able to file the bill on July 20, if he is re-elected.

Anyway, it is clear that there will be a range of three years in which they will work on the adoption of virtuality; likewise, there will be consideration in regards to the job stability of the officials who occupy their jobs in the notaries’ offices.

By Audy Castaneda

Those making transactions with Bitcoin and other cryptocurrencies in China can receive a fine or go to jail. The Chinese authorities said that crypto assets are on the same level as pyramid schemes and other frauds.

The Supreme Judicial Court of China recently stated that trading Bitcoin and other cryptocurrencies involve acquiring capital illegally. The authorities of the Asian country said that transactions with crypto assets are illicit and carry severe penalties.

A draft law with some amendments to another provision of the Central Bank of China will enter into force in March.

Those conducting large money transactions could spend from 3 to 10 years in prison or pay fines of between USD 8,000 and 80,000 worth of yuan (CNY).

Likewise, those advertising prohibited activities through any means risk receiving penalties. In other words, nobody can use the Internet, television, print media, or messaging services to publicize cryptocurrencies.

The authorities also establish that pyramid schemes are illegal, and knowing about them would imply the imputation of complicity. The Chinese court will punish those issuing bonds or shares fraudulently, absorbing public deposits illegally, or raising capital through pyramid schemes.

The government of China has historically attempted to prohibit activities related to cryptocurrencies in different ways. After banning the mining of Bitcoin and other cryptocurrencies, they described that business as obsolete regarding policies to reduce environmental impact.

However, they recently launched a centralized platform for non-fungible tokens (NFT). That indicates that the Chinese government is not totally against those technologies since citizens can use them freely.

The Community Reacts with Contributions in Bitcoin to Ukraine

A growing number of people have turned to Bitcoin to help fund the Ukrainian military in the conflict with Russia. Data from blockchain analytics firm Elliptic indicates that non-governmental organization Come Back Alive has received over USD 400,000 worth of BTC.

The above NGO provides military equipment, medicines, and food to the local army. Besides, a mysterious donor recently sent 80 BTC to the charity supporting the Ukrainian military.

Cyber Alliance, a community of Ukrainian cyber activists, has received about USD 100,000 worth of BTC, Ether (ETH), and Litecoin (LTC).

Russian rock band Pussy Riot, known for its anti-government protests, created UkraineDAO alongside Trippy Labs and PleasrDAO to help the victims of the war. The money raised from the sales of ten thousand NFTs of the Ukrainian flag will go to the NGO Proliska and the Return Alive Foundation.

The US Department of Justice Charges the Founder of BitConnect

A federal grand jury recently indicted BitConnect founder Satish Kumbhani of defrauding his investors of about USD 2.4 billion.

The US Department of Justice reported Kumbhani committed wire fraud, manipulated prices, operated a money transmitter illegally, and laundered funds for a global Ponzi scheme.

The law agency said he traded cryptocurrencies using the funds of his victims. He paid previous investors with the funds that he received from subsequent investors.

US Deputy Attorney General Kenneth Polite Jr. stated that criminals still use cryptocurrencies internationally. However, several studies have revealed that those illegal activities are more frequent with fiat money.

By Alexander Salazar