Colombia Cryptocurrency Regulation at Breaking News

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Colombia Cryptocurrency Regulation, Uruguayan senator juan satori has introduced a bill that would allow all businesses to accept crypto payments. The financial superintendence of colombia (sfc) has virtually prohibited banks. • the most globally traded cryptocurrency raises its price to over 2 percent.

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The south american country is seventh in the world in terms of the development of operations with bitcoins. Uruguayan senator juan sartori introduced a draft bill that is designed to regulate crypto and address loopholes that have allowed the proliferation of harmful practices. The colombian government—particularly the sfc—has historically displayed disdain for digital assets:

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Today, how colombia regulates crypto remains unclear. There are several exchanges offering bitcoin in colombia in the list shown above. Regulation means that online cryptocurrency exchanges will come under the scrutiny of the regulator and they will have to abide by certain rules and principles in their trading processes. In 2014, the sfc published guidance declaring bitcoin was not recognized as a currency and was not legal tender in colombia. According to the colombian senator , the law is fundamentally aimed at controlling the black market, guaranteeing safer transactions, and promoting alternatives to.