THELOGICALINDIAN - The country of Colombia afresh antiseptic its attitude on Bitcoinfollowing antecedent letters from 2024that it had been declared actionable there
Colombia bent the absorption of the cryptocurrency association in backward 2016 back letters began actualization that the country had banned agenda currency. The anxiety was raised by an article (text in Spanish) accounting by Julián Villabona Galarza for the PanAm Post, which again spread on amusing media and was best up by added outlets.
In the article, PanAm claimed that Bitcoin had been banned in Colombia afterward an advertisement by Francisco Reyes Villamizar, arch of the Superintendencia de Sociedades, an bureau absorbed to the Colombian Ministry of Commerce, Industry and Tourism.
According to PanAm, Villamizar said that the Colombian peso was the country’s alone acknowledged currency, and that the alone article that can affair money in Colombia is the Banco de la República, the country’s axial issuer of money.
Jorge Castaño Gutiérrez, Head of the Financial Superintendency of Colombia, assuredly antiseptic the country’s attitude on agenda bill in a annular appear aftermost week.
The acceptable news: cryptocurrencies are not banned in Colombia.
The bad news: They won’t be accepting acknowledged acceptance there any time soon.
Gutiérrez restated that Colombia does not admit cryptocurrency as a acknowledged anatomy of budgetary exchange. He additionally reasserted that Colombia’s alone budgetary unit, and assemblage of account, is the peso issued by Banco de la República.
He additionally added that because cryptocurrencies accept no value under the country’s basic bazaar laws, Colombia does not admit them as a aegis either. Therefore, Colombian businesses are not authorized to guard, invest, agent or administer operations accompanying to them.
However, this does not beggarly that they’re illegal in Colombia. Instead, Gutiérrez brash citizens that:
Given the country’s belled history in the narcotics trade, Colombia’s suspicion over a bill already firmly associated with the darkweb may assume adequately unsurprising. However, it was absolutely a alternation of Colombian Bitcoin-based Ponzi schemes that prompted the government to acquaint the accessible and prohibit banks from trading with it beforehand this year.
These alleged Colombian “investment clubs,” which masquerade as cryptocurrency advance firms, use Bitcoin to accession funds from investors with the affiance of acceleration their money aural two months. Scammers are able booty advantage of Bitcoin. Its bearding attributes can help avoid detection, dodge taxes and bluff investors out of their money.
The cryptocurrency association itself is no drifter to such scams. The infamous OneCoin scam is aloof one archetype — admitting it’s technically not alike a cryptocurrency — of the abounding counterfeit bill shilled by online con artists.
But even though absolute blockchain-based cryptocurrencies may be secure and transparent, affairs cannot be antipodal by a axial entity. Thus, users should be skeptical of online casework guaranteeing profits and do all of their appointment afore sending their coins.
Besides pyramid schemes, Colombian admiral are additionally alert of abyss application cryptocurrencies to acquit money and armamentarium terrorist activities. They accept apprenticed businesses which use cryptocurrencies to take proper measures to prevent any actionable activity.
Without a acknowledged framework to ascertain cryptocurrencies, Colombia has yet to abode its behavior on its plans, if any, for taxation. Nevertheless, PanAm Post afresh published addition article declaring that Colombia wants to alpha demanding Bitcoin despite declaring it illegal:
However, above the article’s misconceptions about Bitcoin’s acknowledged cachet in Colombia, it is additionally cryptic on what affairs accept clearly been announced. The commodity does not acknowledgment any sources above a similarly-worded piece (text in Spanish) published in the Peruvian bi-weekly La República. Instead, it quotes attorney Juan Sebastián Peredo, who said:
This acknowledgment appears speculative, however, as Peredo is additionally quoted adage that “tax issues are yet to be decided.”
Jhonathan Alexander Higuera, an academic from Peru’s Universidad Nacional, is additionally quoted adage that “currently, in Colombia, people are not appropriate to address their investments or affairs in Bitcoins or any added cryptocurrency.”
As such, it is alone safe to say that Colombia has larboard agenda bill adjustment advanced open, forth with any policies that may appear with it.
Does your country recognize Bitcoins as a security, commodity, or alike a acknowledged currency? Have you ran into acknowledged problems affairs agenda currencies in your country? Let us apperceive below!
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