80% of bitcoiners in Colombia ask for regulation for cryptocurrencies

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Colombia is among the Latin American countries where there is greatest interest in the government applying regulation for the bitcoin (BTC) ecosystem. According to the results of a survey carried out last February by the consulting company Sherlock Communications, 78% of Colombians surveyed highlight the need for a bitcoin law to be enacted and they ask the government to take care of regulation. As the statistics obtained by the consulting firm indicate, this is a trend that is repeated in the other 5 countries in the region which were also included in the study. In this way, the people of Peru (79%), Brazil (78%), Mexico (74%), Chile (68%) and Argentina (52%) also want their country's ecosystem to be regulated. Colombia stands out because 90% of those surveyed expressed their desire to that their rulers offer them official information about cryptocurrencies. Additionally, 88% of those interviewed indicate that they would like to obtain more preparation, in Spanish, to better train themselves in the use of cryptocurrencies. The interest in having more information is due to the fact that these assets are seen as an alternative to increase income (44%) and are used as a savings mechanism (42%). They are also sought as an option to diversify investments (33%), earn money abroad (30%), or to protect assets from inflation (22%). These results are presented in a context where the country is waiting for the government present a bill what is being discussed since last year. As BitcoinDynamic has reported, government officials had promised that the regulatory proposal would be introduced before Congress in February 2024. According to statements made by officials from Gustavo Petro's government, The project is ready and in the hands of the national executive. The regulation was being processed at a work table where the Ministry of Finance, the Financial Superintendency and the Bank of the Republic participated, along with trade organizations such as Colombia Fintech and Asoblockchain. In that sense, the members of the Colombian ecosystem share the desire of the majority of respondents by Sherlock Communications. Everyone hopes that the project is approved as soon as possible, and they have been insisting in the urgency of legislation. For this reason, they draw the attention of representatives of the National Government, Congress of the Republic, the Business Sector and academics, so that the importance of regulating, once and for all, the cryptocurrency industry is understood.

There is consensus in Colombia for bitcoin legislation

The clamor for a law is shared by businessmen and lawyers in the financial sector, who feel that Colombia is in “a gray zone in terms of bitcoin regulation.” Lawyer Bernardo Cárdenas, from the firm Dentons Cárdenas & Cárdenas, has spoken about this, admitting the general consensus that exists on the need to advance cryptocurrency legislation in Colombia. The expert considers that, although obligations have been established for exchanges, there are big legal loopholes that prevent giving certainty to the actors in this market. A situation that generates uncertainty among those who wish to invest in the sector. The biggest doubts arise around when and how to access banking services for the conversion of cryptoassets to legal tender, and about how financial entities can generate investment products on these assets.