Colombia to launch national cryptocurrency

The Colombian government is planning to launch its own digital currency in the near future, according to Luis Carlos Reyes, the head of the Colombian National Tax and Customs Administration (DIAN).

According to Luis Carlos Reyes, the Colombian authorities are seeking to combat the problem of tax evasion, and thanks to the use of digital currency, all transactions can be controlled legally. It is believed that the introduction of CBDC is equivalent to several tax reforms carried out in the country and will have the same effectiveness.

After the introduction of the national cryptocurrency, Colombia plans to limit cash payments to encourage residents to use only digital assets. The limit for payments in fiat currency will be 10 million Colombian pesos ($ 2,400).

In early June, the Central Bank of Jamaica officially recognized Jam-Dex as a legal tender. Jamaica became the first country in the world to legalize CBDC at the legislative level. And in July, President of the Central African Republic Faustin-Arcange Touadera launched the country’s national cryptocurrency, Sango Coin. Earlier, the Central African Republic became the first country on the African continent to legalize bitcoin and recognize it as an official means of payment.