Colombia’s Ministry of Technology backs blockchain and crypto-currencies
Colombia’s Ministry of Information Technology and Communications, or MinTIC, published a unique draft guide that calls on the public sector to adopt blockchain technology, including issues related to cryptomoney payments.
In the Guide for the use and implementation of Distributed Registry Technology (DLT/Blockchain) in the public sector, MinTIC explains the advantages and disadvantages of implementing DLT within projects related to public entities.
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The Ministry also noted that the country is „lagging behind“ in the adoption of blockchain technology, citing European Union countries, China, the United Arab Emirates, the United States and Canada.
The organizations behind the guide – which includes ViveLab Bogotá, the National University of Colombia, the Bogotá City Hall and the National University – proposed ten solutions that could be implemented: payments in crypto-currencies, land registration, voting, identity data management, supply chains, health records, commercial records, filing for academic titles and tax and public bidding management.
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These solutions aim to eliminate third party involvement within the security infrastructure through blockchain technology, increasing „trust and transparency“ in data management.
To quote Satoshi
In the section on crypto-currency, MinTIC cites the draft „Bitcoin: A Peer-to-Peer Electronic Cash System,“ published in 2008 by the person(s) who created Bitcoin Code, Satoshi Nakamoto, to explain that such a solution hopes to „guarantee the protection of consumers who invest in crypto-currency.
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There have been attempts to regulate the crypto environment in Colombia, although apparently unsuccessful. For example, on April 4, 2019, a bill was published to regulate crypto currency exchange platforms. The objective of this law was to define in general terms how companies offering crypto currency exchange services should operate in Colombia.