Key details:
-
According to Gabriel Santos, earlier than the finish of the 12 months the invoice will likely be introduced to Congress.
-
For former legislator Santos, the bitcoin ecosystem is growing with issues in Colombia.
Shortly after a brand new proposal is introduced to manage the bitcoin (BTC) and cryptocurrency business in Colombia, the challenge is clear: that the invoice does not get stuck in the Congress of the Republic, as has already occurred with comparable proposals.
This is advised by Gabriel Santos, president of the Colombia Fintech group, which is working hand in hand with the authorities of his nation to boost, earlier than the Legislature, a mission to legally body the cryptoasset sector.
Santos spoke with CriptoNoticias inside the framework of the Blockchain Summit Latam Colombia 2023 occasion, held in the metropolis of Bogotá final week. For him, the regulatory proposal they’re getting ready was raised with the authorities, “as a commitment so that it had the possibility of success.”
As specified, the intention of Colombia Fintech with its assist is that the mission do not simply stay in discussions inside the legislative course ofhowever slightly that it’s accepted and are available into drive as a legislation of the Republic.
Santos mentioned that the Colombian authorities, chaired by Gustavo Petro, has publicly said that it intends to approve and promote the invoice to manage cryptocurrencies.
Indeed, at the finish of September it was realized that the Financial Superintendency of Colombia was giving the ultimate evaluation to the new invoice. It is that entity, hooked up to the Ministry of Finance, which can current an preliminary textual content of the proposal earlier than the finish of 2023.
This preliminary textual content introduced by the SuperFinanciera will likely be mentioned by Colombia Fintech and different associations, previous to getting into Congressthe place it will likely be topic to 4 debates that can outline its doable approval, Santos commented.
A brand new try
This new invoice, which will likely be introduced collectively between the cryptocurrency union and the Colombian authorities, is one other try for giving a authorized framework to the rising ecosystem in the coffee-growing nation.
The new regulatory proposal goals to advance till its ultimate approval and not stay solely “on debatable issues,” in accordance with Gabriel Santos. This, after remembering that, for years, That nation has tried to cross a number of legal guidelines geared toward the bitcoin market. and crypto property.
Since 2020, the Chamber of Representatives of the Colombian Congress has acquired regulatory proposals, promoted by completely different congressmen, together with Mauricio Toro.
However, the initiatives have been mentionedthey solely stayed in discussions and did not advance additional. A latest instance is the legislative proposal that sought to manage the operation of bitcoin and cryptocurrency exchanges in Colombia, which did not cross the Senate and was shelved, as reported by CriptoNoticias.
“With warm cloths”
Considering that Colombia nonetheless does not have regulation for cryptocurrencies, the president of Colombia Fintech, Gabriel Santos, asserted that The sector is growing with some difficulties in that nation. “I don’t think the Bitcoin ecosystem runs smoothly in the country,” she lashed out.
Santos mentioned that just a few weeks in the past a “new barrage of closing accounts” was carried out of corporations in the cryptocurrency sector that operated with conventional banks. Although he did not element which corporations had been affected, he did categorical that, so long as this continues to occur, the ecosystem will proceed to perform in Colombia “but with certain challenges and not appropriately.”
“As long as we continue with this lukewarm cloth, we will have an industry that will face many difficulties in the short term,” mentioned Santos, who held a seat in the House of Representatives of the Colombian Congress between 2018 and 2022.
In Santos’ opinion, the new proposed regulation, which is anticipated to be accepted, It will permit customers to know “how the State protects them.” This, he says, may also help “purge the Colombian ecosystem of different scams.” “And working hand in hand with the State in these types of differentiations is deeply beneficial,” she added.
Although he acknowledges that it is “legitimate” that there are those that oppose rules in the cryptocurrency sector and that it is troublesome for a proposal of this type to penetrate an ecosystem that is born from the thought of decentralization; he additionally believes that this business “has too much potential to leave it in its current state.”
“Part of the idea of promoting this regulation is not for what we have, but for what we should have,” Santos mentioned. “Subscribing to the anti-regulation vision would mean castrating the potential of what this ecosystem can be,” he concluded.
