Colombian Technology Ministry Endorses Blockchain and Crypto

The Colombian Ministry of Information Technology and Communications, or MinTIC, released a first-of-its-kind draft of a guide that calls for the public sector to adopt blockchain technology, including crypto payment-related matters.

In the 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 within projects related to public entities.

The Ministry also pointed out the country "is lagging" in adopting blockchain technology, citing the European Union countries, China, the United Arab Emirates, the United States, and Canada.

The organizations behind the guide — which includes ViveLab Bogota, Universidad Nacional de Colombia, Bogotá City Hall, and the National — proposed ten solutions that could be implemented: payments in crypto, land registration, voting, identity data management, supply chains, health records, business records, filing of academic degrees and management of taxes and public tenders.

Such solutions aim to remove third-party involvement within the security infrastructure using blockchain technology, which increases the "confidence and transparency" in the data management.

Citing Satoshi

On the section about cryptocurrencies, the MinTIC quotes the 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 such solution expects "to ensure the consumers' protection who invest in cryptocurrencies."

There have been attempts to regulate the crypto environment in Colombia, although they were seemingly unsuccessful. For example, on April 4, 2019, a draft bill to regulate crypto exchange platforms was published. The objective of this law was to define in general terms how companies offering crypto exchange services in Colombia should operate.