Fun

The Central Bank of Colombia Is Studying the Creation of a Digital Currency

News Feed - 2022-08-20 07:08:42

The Central Bank of Colombia Is Studying the Creation of a Digital Currency


The Central Bank of Colombia is studying the launch of a digital currency, according to statements made by its manager, Leonardo Villar. The organization is evaluating the launch of this instrument as a means of unifying the different digital wallets in the country, making them interoperable and easier to use for customers. Central Bank of Colombia Studies Digital Currency Issuance


Many governments in the world are preparing to launch digital currencies in order to compete with cryptocurrencies and other assets. Leonardo Villar, manager of the Central Bank of Colombia, recently announced that the organization was studying the issuance of a digital currency. During a banking convention at Cartagena, Villar explained that the functions and the convenience of such currency were being reviewed by the bank.


While the officer did not offer more details about the structure or nature of the announced currency, he did reveal that one of the experiences the bank is looking closely at, is one that Brazil has endeavored with the pilot and work made towards development of the digital real, the proposed central bank digital currency (CBDC) of the neighboring country.


Brazil’s digital currency will be able to be used as collateral by financial institutions in the country to issue their own stablecoins, maintaining private banks as part of the financial system. Objectives of a Hypothetical Digital Peso


According to Villar, one of the biggest objectives of the currency would be to make the different digital wallets that are available in the nation interoperable. This current design is said to be very inefficient, and does not allow for users of these wallets to pay for state-related expenses like taxes.


Earlier this week, Luis Carlos Reyes, head of the DIAN, the Colombian tax authority, also talked about the motivations that the issuance of a national digital currency would follow. Reyes explained that the currency would help the country to have more control over transactions and payments. This would ostensibly allow the country to curb tax evasion, which is estimated to represent up to 8% of the GDP of the country.


In the same way, the regulators will be studying to establish limits on the amount of money that can be paid using cash to incentivize the use of digital, trackable alternatives. Tags in this story central bank of colombia, colombia, Digital Currency, Digital Wallet, ease of use, leonardo villar, luis carlos reyes


What do you think about the studies that the Central Bank of Colombia is executing to launch a digital currency? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Rich Dad Poor Dad"s Robert Kiyosaki Changes His Mind About Treasury Bonds — Says "Time to Open My Closed Mind" ECONOMICS | 3 days ago Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony" ECONOMICS | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLatam Giant Mercado Libre Launches Mercadocoin in Brazil Next articleBitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon?
Este artículo también está disponible en español. Bitcoin is holding strong above $67,000 after setting a new local high of around $68,300, fueling excitement among inves
Silk Road Bitcoin Seizure: Analytics Firm Claims Tokens Worth Millions Still Outstanding
Silk Road Bitcoin Seizure: Analytics Firm Claims Tokens Worth Millions Still Outstanding Analytics firm Coinfirm says the US Department of Justice (DOJ)’s
Polymarket users complain of mysterious Google login wallet attacks
Christopher Roark10 hours agoPolymarket users complain of mysterious Google login wallet attacksThe attacker used a “proxy” function to swipe victims’ USDC balances, but only a small number of Google login users ha
Grayscale Investments Launches Smart Contract-Focused Diversified Fund
Grayscale Investments Launches Smart Contract-Focused Diversified Fund The largest digital currency asset manager in terms of assets under management (AUM), Grayscale Investments,
Ether reaches $4K: Short-lived hype or long-term support?
Marcel Pechman5 hours agoEther reaches $4K: Short-lived hype or long-term support?Ethereum network activity growth supports the momentum, but excessive leverage in ETH futures poses a risk.2479 Total views98 Total shares
YouNow Sees Strong Revenue Growth After SEC Approves Token Distribution
In a disclosure expected to be published Wednesday by the U.S. Securities and Exchange Commission (SEC), blockchain-based live-streaming company YouNow reported revenues have grown steadily since the release of its pr
Ezra Reguerra12 hours agoRonaldo teases NFT plans while on a lie detector testCristiano Ronaldo was asked if he currently owns any NFTs and if he plans to release more NFT collections.5113 Total views45 Total sharesListe
Oil Producers and Bitcoin Miners Meet in Texas to Discuss Cooperative Mining Possibilities
Oil Producers and Bitcoin Miners Meet in Texas to Discuss Cooperative Mining Possibilities A meetup in a vehicle warehouse in Houston served as an encounter point for oil producers
Low Circulation and High Demand at Opening of SCU Trading
Low Circulation and High Demand at Opening of SCU Trading PRESS RELEASE. Securypto trade will open on Bilaxy on 1 January, 2021 and all indicators say that it wi
Publicly-Listed Lottery Company to Buy $14.4M Worth of Bitcoin Mining Machines
Publicly-Listed Lottery Company to Buy $14.4M Worth of Bitcoin Mining Machines A U.S. listed Chinese sports lottery firm announced that it has entered into a pur
FTX Payouts Begin Today, Will Bitcoin Price Rally Or Crash In Response?
Este artículo también está disponible en español. The long-awaited FTX creditor payouts are set to begin today,February 18 after over two years of bankruptcy. This paymen
IMF: Bitcoin Is Privately Issued Crypto With Substantial Risks, Inadvisable as Legal Tender
IMF: Bitcoin Is Privately Issued Crypto With Substantial Risks, Inadvisable as Legal Tender The International Monetary Fund (IMF) says that crypto assets, like bitcoin, are private