NEM has expressed interest in Colombia, which is seen as an ecosystem with great potential in the region. This was reported by a statement from Bogotá to Cointelegraph in Spanish.
“”The recent announcement of the pilot program that the Superfinaciera will launch to negotiate crypto assets not only makes the country one of the pioneers in the region, but has also attracted the interest of experts and smart asset networks who consider this project to be consider a fundamental step towards a regulated digital ecosystem”They indicated.
The initiative, in which the Presidential Council for Economy and Digital Transformation, the Banco de la República and other public institutions work together, aims to create a test room, controlled from the Superfinaciera sandbox, where crypto-asset or Exchanges could temporarily test the processing of deposit and withdrawal processes.
Pedro Gutiérrez, Director of Business Development for Latin America and Spain at NEM Software, commented: “It is a fundamental step to open a test room between the digital ecosystem and the national government in relation to crypto assets, and to call local companies so that they can exchange digital currencies with bankers to move towards a regulated ecosystem, in which crypto-assets are integrated into the national financial ecosystem as another solution, which from this year can establish an operation between the national bank and crypto-assets without them having to rest abroad and it is possible to e.g. tax for example this type of activity”.
According to experts, the Colombia case fits in with the global trend of adopting blockchain or distributed ledger technology at the business, institutional and financial level, which has reached an important peak in 2020. Examples of this are the recent announcement by PayPal, which will lead to the trading of cryptocurrencies to its users or the patent that Visa has granted for the creation of its own digital currency based on blockchain, among other things.
“While all of these use cases are valuable tools for making many business processes fit for purpose in the 21st century, The blockchain application that will fundamentally change the way our society works may still be under development and is the central bank’s digital currency (CBDC).Said Antony Welfare, commercial director for NEM Software.
“”The potential benefits of reforming our financial system for CBDCs are significant– From stability to less fraud, faster auditing and better accessibility. Private payment platforms often promote financial inclusion as a fundamental goal, but CBDCs could have even more power to give people access to fiat currencies, especially in countries with low bank penetration. Similarly, CBDCs could provide central banks with new monetary policy tools for managing economic crises, an application that is particularly relevant in our current era of economic uncertainty, ”added Welfare.
Many governments around the world are considering plans to implement CBDC. The People’s Bank of China and the Central Bank of China have devoted considerable resources to researching a digital yuan since 2014 and are currently at an advanced stage of testing and implementing their digital currency.
The United States has accelerated its plans for a digital dollar, and Europe, albeit with significant differences, has taken a cautious and research-intensive approach, with a debate over whether central banks should adopt a CBDC approach to retail or wholesale first should choose.
“The truth is that while adopting a CBDC seems easy, a CBDC is simply a digital representation of the sovereign currency. Creating a digital dollar, digital pound or digital euro is much more complex than simply rotating a traditional cryptocurrency or digital token, in large part due to the inherent complexity of our financial systems, ”the statement said.
Referring to this research that banks around the world are already doing, Pedro Gutiérrez emphasized: “We have to fundamentally imagine how CBDCs should work in a financial system and work from this vision to set up the necessary infrastructure, taking this into account As the central bank issues a digital currency, it does not renounce its other financial instruments, including the currency they control, but rather expands them to the possibilities that users have when exchanging digital or cryptographic money. ”
“”Although Colombia has shown no interest on this point, the Banco de la República may look to the short term for an opportunity to move forward with exploration, as the Sueperfinanciera is currently doing with a view to exchanging crypto assets for Colombian pesos, where we can start To see progress along these lines“Concluded the representative of NEM software.
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