A debate was held by the Colombian Senate on June 7th, with the subject of the debate being the use of Cryptocurrencies and blockchain as “as mechanisms to modernize the digital economy”.
The Third Committee of the Senate of Colombia was convened by Green Alliance party member, Senator Antonio Navarro Wolff. Participants in the committee included representatives of the Colombian central bank, the Ministry of Finance, the ICT Ministry, and Colombia’s Financial Superintendent.
The senator started off by advocating for a study to investigate blockchain, saying that the technology “could change the lives of Colombians” when applied across administrative, economic and political spheres.
He also mentioned blockchain’s potential ability to strengthen the security and transparency of the country’s electoral system, the facilitation and use of smart contracts and help the management of public services.
The senator called both blockchain and crypto as “mechanisms to modernize the country’s digital economy.” Wolff said that digital assets have been in Colombian’s sights since the rise of cryptomarkets in 2017, with the increased interest showing the need for regulation. He then appealed to the Ministry of Finance to start pursuing the implementation of the new technologies and to begin regulatory oversight.
The representative from the Financial Superintendent meanwhile revealed a new task force, called INNOVA, which was formed to tackle blockchain use, as well as to promote “prudence and protection of citizens.”
Meanwhile, Juanita Rodriguez of the ICT Ministry said that blockchain systems should be pursued if the country’s digital economy is to prosper, saying that blockchain is safe and generates confidence.
Last month, the Colombia Blockchain Association was formed to act as an interlocutor to the national government and to promote adoption of new financial technologies all without compromising the essentially decentralized principles of blockchain. Green Alliance representatives also warned against over-regulation of the industry, saying that a disintermediated system would help lower Colombians’ distrust of traditional financial institutions.