An expression of support could signal a shift in how the country handles the emerging industry
The Colombian Ministry of Information and Communications Technologies (MinTIC) has published a draft guide outlining how the public sector can adopt blockchain technology and incorporate issues related to cryptocurrency payments.
Titled “Guide for the Use and Implementation of Distributed Ledger Technology (DLT/blockchain) in the Public Sector,” the draft describes the potential benefits and drawbacks of using DLT in projects managed by public entities.
MinTIC also noted that Colombia appears to be lagging behind in blockchain adoption. The ministry highlighted the gap between Colombia’s progress and that of countries such as China, the United Arab Emirates, Canada, the United States and members of the European Union.
The guide, prepared with input from organizations including ViveLab Bogotá, the National University of Colombia, Bogotá’s city government and National entities, proposes ten areas where the country could focus development efforts, including:
- Cryptocurrency payments
- Land registration
- Voting systems
- Identity data management
- Supply chains
- Health records
- Commercial documentation
- University degree repository
- Tax administration and public procurement
For these specific sectors, proposed solutions aim to remove intermediaries from security infrastructure and replace them with blockchain-based mechanisms. The expectation is that such changes will enhance transparency and trust in data management.
The guide also includes a section on cryptocurrencies, referencing Bitcoin’s white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” first published in 2008 by Satoshi Nakamoto. MinTIC states that the proposed measures are intended to “ensure the protection of consumers who invest in cryptocurrencies.”
The Colombian government has made several attempts to regulate the national cryptocurrency environment, but implementation has proven challenging. Some observers attribute regulatory difficulties to skepticism toward digital assets within institutions such as the Financial Superintendence of Colombia (SFC).
In 2018, the SFC issued notices warning citizens about the risks of cryptocurrency trading. Those warnings prompted concern among banks across the country, leading to the rapid closure of accounts associated with cryptocurrencies and hindering operations for cryptocurrency-focused startups, such as Buda.com.
Earlier, in 2016, a Colombian cryptocurrency exchange called Colbitex launched but shut down within a week amid claims that authorities had blocked its ability to operate.
Translated by Carolane de Palmas