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Colombia eyes on CBDC, Says Tax Agency Official

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  • CBDCs are an electronic form of government-backed money
  • They are issued and regulated by a nation’s central bank
  • The primary objective of creating a CBDC is to stop tax evasion

A high-ranking representative who manages Colombia’s monetary guideline and expense assortment organization say that the second-most crowded South American country is investigating carrying out its own computerized cash.

In another meeting with Semana magazine, National Tax and Customs Directorate (DIAN) chief general Luis Carlos Reyes says that the public authority of recently chosen President Gustavo Petro is thinking about the formation of a CBDC or national bank computerized money.

CBDCs are an electronic type of government-supported cash given and directed by a country’s national bank.

Digital assets pose a threat to the monetary sovereignty 

Reyes says that the essential target of making a CBDC is to check tax avoidance, which he gauges to remain at 6-8% of the country’s GDP.

The authority says that deals made in real money are not recorded, subsequently, individuals can try not to make good on charges, for example, the worth added charge, on those exchanges. 

He says that duty conning episodes can stay away from the utilization of computerized Colombian pesos as all exchanges would be monitored.

One of the significant objectives is that when installments of a specific sum are made, they are kept in an electronic medium this action would keep away from this sort of shrewd exchange.

The declaration comes as the United Nations Conference on Trade and Development (UNCTD) inclinations developing business sectors to send off a computerized installment framework among other strategy activities to deflect the far and wide reception of crypto.

The organization cautions that computerized resources represent a danger to the money-related sway of non-industrial countries.

ALSO READ: Illicit activity outpaces legitimate uses despite the crypto downturn

Colombia and advanced resources reception

The duty organization has been getting serious about computerized resources charge dodgers regardless of the absence of an unmistakable administrative system for the market. 

Recently, the DIAN started authorization activities against advanced resource financial backers who discarded or mistakenly recorded Income and Complementary Taxes from their profit.

Colombia is one of the forerunners in computerized resource reception in the district and worldwide. 

The rising prevalence of the resource class has seen the country’s monetary controller, the Financial Superintendence of Colombia (likewise Superintendencia Financiera de Colombia or SFC), propose new regulations to direct the connection between virtual resources specialist co-ops and banks.

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