Colombia to Start a Cryptocurrency1 min read

Colombia Crypto Money

The Colombian government has taken steps to pilot companies in the country. Colombia provides testing opportunities to companies with its crypto money regulation.

Colombia calls for cryptocurrency tests

Although some countries have a strict attitude towards cryptocurrencies today, we can say that moderate steps have been taken recently. An example of this was the Colombian government.

The Colombian government, which has launched a new pilot, is making regulations for cryptocurrencies. With this regulation, companies that want to make crypto transactions are expected to apply for pilot tests by the end of the year. With the regulation, it is aimed to prevent the illegal use of financial activities.

Moreover, by preventing crisis situations, it is aimed to encourage and support new technologies in financial services. It is stated that the regulation announced in the panel titled Overview on the Regulation of Crypto Assets in Colombia will consist of the initial stage. It is now aimed to take concrete steps in the test processes with implementation, selection, configuration, monitoring and feedback stages.

It is currently known that four financial service providers in Colombia will participate in this program. However, there is no clear information about the timeline to be implemented in 2021 yet.

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