Colombian Ministry of Technology Supports Blockchain and Crypto

Colombia’s Ministry of Information and Communications Technology, or MinTIC, released the first draft guidelines calling for the public sector to adopt blockchain technology, including issues related to crypto payments.

In Guide for the use and implementation of Distributed Ledger Technology (DLT/Blockchain) in the public sector, MinTIC explains the advantages and disadvantages of implementing DLT in projects related to public entities.

The ministry also shows the country “left behind” in adopting blockchain technology. Citing European Union countries, China, United Arab Emirates, United States and Canada.

The organization behind this guide – which includes ViveLab Bogota, Universidad Nacional de Colombia, Bogotá City Hall and National. Proposes ten workable solutions: payments in crypto, land registration, voting, identity data management, supply chains, health records, business records, academic degree applications and tax management and public tenders.

The solution aims to eliminate the involvement of third parties in the security infrastructure using blockchain technology, which increases “trust and transparency” in data management.

To quote Satoshi

In the section on cryptocurrencies, MinTIC cites a draft “Bitcoin: A Peer-to-Peer Electronic Cash System” – published in 2008 by the person or persons who created Bitcoin (BTC. Satoshi Nakamoto – to explain that the solution is expected “to ensure the protection of consumers investing in cryptocurrencies.”

There have been attempts to regulate the crypto environment in Colombia, although it appears to be unsuccessful. For example, on April 4, 2022, a draft law to regulate crypto exchange platform published. The purpose of this law is to define in general terms how companies offering crypto exchange services in Colombia should operate.

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