In Colombia, there is a strong interest in creating rules for bitcoin. A recent survey by Sherlock Communications found that 78% of Colombians think it’s important for the government to make a bitcoin law.
This survey also included other Latin American countries. In Peru, 79% of people agree, in Brazil 78%, in Mexico 74%, in Chile 68%, and in Argentina 52%. They all want their government to regulate bitcoin too.
Colombia is unique because 90% of people want their leaders to give them official information about cryptocurrencies. Additionally, 88% want more training in Spanish to better understand how to use cryptocurrencies.
People are interested in cryptocurrencies because they see them as a way to make more money (44%) and save money (42%). Others see it as a way to invest in different things (33%), earn money from foreign countries (30%), or protect their money from inflation (22%).
These findings come at a time when Colombia is waiting for the government to propose a new law that has been discussed since last year. CriptoNoticias reported that the government planned to present this law to Congress in February 2024.
Officials from Gustavo Petro’s government said that they are ready with the proposal. The draft law has been developed with input from the Ministry of Finance, the Financial Superintendency, and the Bank of the Republic. Trade organizations like Colombia Fintech and Asoblockchain also participated.
In Colombia, many people involved in bitcoin want the government to approve the law quickly. They are pressing the National Government, Congress, business leaders, and academics to recognize the need for regulation.
There is a widespread call for bitcoin regulation in Colombia. Both businesspeople and lawyers in finance think Colombia is in a vague area regarding bitcoin laws.
Bernardo Cardenas, a lawyer from Dentons Cárdenas & Cardenas, agrees that there is a general consensus on advancing cryptocurrency legislation in Colombia. He points out that while there are rules for exchanges, there are still big legal gaps that create uncertainty for those wanting to invest. The biggest questions are about how and when to convert cryptocurrencies to cash and how banks can create investment products with these assets.
