Colombia’s top financial regulator published a circular about digital currency last week, naming bitcoin several times. Citing its potential risks, the authority clarified its stance on the cryptocurrency.Bitcoin in Colombia
The Colombian government and central bank have made statements in the past about bitcoin, but no laws have been passed and a clear definition has yet to emerge of how the law treats bitcoin in the country.
While Colombian banks have been restricted from handling it, the number of bitcoin users in the country has been growing substantially. At Localbitcoins, the weekly volume for Colombian pesos surpassed 2 billion, worth roughly $663,000 USD, for the first time at the end of May.
Head of the Financial Superintendency of Colombia, Jorge Castaño Gutiérrez, published a circular last week, clarifying the regulator’s stance on the digital currency.
Not Currency
Referencing past circulars, Gutiérrez reiterated that no digital currency has been recognized as currency by the legislator or the monetary authority. Citing Article 6 of Law 31 of 1992, he said Colombia’s only monetary unit and unit of account is the peso issued by Banco de la Republica.
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