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The Colombian Ministry of Technology supports blockchain and cryptocurrencies

August 19, 2020

The Colombian Ministry of Information Technology and Communication (MinTIC) published a unique draft guidance document calling on the public sector to take advantage of blockchain technology, including issues related to cryptocurrency payments.

By doing Guide to using and implementing Distributed Registry Technology (DLT / Blockchain) in the public sectorMinTIC explains the advantages and disadvantages of implementing DLT in projects related to public institutions.

The ministry also noted that the country is “lagging behind” in adopting blockchain technology, citing the European Union, China, the United Arab Emirates, the United States and Canada.

The Colombian Ministry of Technology supports blockchain and cryptocurrenciesThe Colombian Ministry of Technology supports blockchain and cryptocurrencies

The organizations behind the guide, which include ViveLab Bogotá, Universidad Nacional de Colombia, Bogotá City Council, and La Nacional, suggested ten solutions that could be implemented: cryptocurrency payments, land registry, voting, identity data management, supply chains, health records, business records, academic qualifications, and tax management and public tenders.

These solutions are aimed Eliminate third party involvement in the security infrastructure using blockchain technologywhich increases “trust and transparency” in data management.

Quote Satoshi

In the section on cryptocurrencies, the MinTIC cites the draft “Bitcoin: A Peer-to-Peer E-Cash System” published in 2008 by the person or individuals who created Bitcoin (BTC), Satoshi Nakamoto Explaining this solution expects a “guarantee of the protection of consumers who invest in cryptocurrencies”.

There have been attempts to regulate the crypto environment in Colombia, although they appear to have been unsuccessful. For example, on April 4, 2019, a bill regulating cryptocurrency exchange platforms was published. The aim of this law was to generally define how companies that offer cryptocurrency exchange services in Colombia should operate.

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