Various representatives in Colombia criticized that the budget got approved “lightly. The money can get back to the owner as long as he proves to be the owner of the intervened account.
The problem of centralized money, according to the recently approved Colombian budget law for next year, aims at bank accounts that have less than 92,000 pesos (just over USD 20) and have not received use for more than a year. These bank accounts might get under Government’s control.
This information appeared in Article 81 of the budget, approved two days ago by the Colombian House of Representatives. It is a project that comes directly from the Presidency of the Republic and got quickly accepted by the New Granada congressmen.
In simpler words, the State can keep the money gathered in an account under the criterion that it will be helpful for the general budget of the nation.
However, the article also details that the owners of these accounts may request that the money should get back in return, with interest if necessary, but all in case they can prove to be the owners.
A Budget approved
According to the local press, of the 139 articles of the General Budget of the Nation, at least 102 received approval in the Chamber is one of the fastest votes in memory.
For some congressmen, the budget received light approval without further analysis of initiatives that could generate controversy, such as the one already mentioned.
In more detail, the budget designed by the administration of Iván Duque for the year 2022 needs a little more than 350 billion pesos, an increase of 5.3% compared to the current year.
On the other hand, almost 60% of that money will help to manage operating expenses, just over 20% for the payment of debt service, and the remaining 20% for investment, reports Pulzo.
Cryptocurrencies as an Alternative Method to save Finances
The Colombian budget law alerts many banking establishments with their savings stored in bank accounts, and it also helps show all the benefits and strengths of decentralization.
In Colombia, the emerging market is not unknown. A survey by the Sherlock agency revealed that 52% of New Granada people viewed El Salvador’s Bitcoin Law favorably.
Furthermore, that country is a fixed target for the ecosystem. This week, the arrival of the OSL exchange happened. It allows operating without any commission in countries such as Argentina, Mexico, and, of course, Colombia, at least until the end of the year.
Even in that country, even financial institutions have kept some relationship with the ecosystem. It is to remember the sandbox, where banks and exchanges converge, operating together.
This project is an initiative where companies that bring services with cryptocurrencies that work in that country or want to work, must go in parallel with an entity supervised by the Financial Superintendence.
By: Jenson Nuñez
