Colombia Declares Bitcoin and Other Digital Currencies Illegal
An article published by Colombian publication PanAm Post suggests bitcoin, and digital currencies in general, are now illegal in Colombia, claiming the administrator of regulatory body announced the news recently. The news comes after the Superintendencia de Sociedades, an organization associated with the Colombian Ministry of Commerce, Industry and Tourism, announced digital currencies, including bitcoin, were prohibited in Colombia and assured the only valid currency is the peso. The article states the announcement was made by Francisco Reyes Villamizar, head of the Superintendencia,....
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Colombia's Central Bank, the Banco Central de Colombia, has reportedly released a statement relating to bitcoin. In that statement, the Central Bank declares that bitcoin is not a currency, nor is it legal tender in the South American country, according to El Espectador. The Bank's statement fortified that the single monetary unit of Colombia is the peso and that bitcoin isn't considered a currency because it is, by nature, not backed by a central banking authority. Last week, the country's Financial Supervisory Authority released a statement that listed risks associated with the digital....
Colombia may ban Bitcoin transactions next week. El Tiempo is reporting that Colombia is planning to ban all Bitcoin-related transactions next week. This news comes as quite a shock because the fact of the matter is Colombia is not exactly the first country that people think about when it comes to hotspots of cryptocurrency. The Finance Superintendent of Colombia has claimed that virtual currencies are not safe because they have no backing from government. He claims that Colombia already has a safe and useful currency and there's no reason for people to use bitcoins. The El Tiempo article....
Bitcoinexaminer reports that Colombia’s central bank, the Superintendencia Financiera de Colombia, has issued a document that suggests all Bitcoin activity in the country will soon be illegal. According to local newspaper. "Most importantly … the Colombian state is the one with a monopoly over money. Our currency is reliable, safe and generates no risk, while other forms of money do not have the same level of support and guarantees.” Tuesday’s announcement will be the Colombian government’s first public mention of digital currencies. An unnamed source in the El Tiempo report hinted that....
China’s Supreme Court adds fuel to the fire after the Russian military attacks on Ukraine slipped the crypto market cap to 1.5 trillion. The court declares crypto-fundraising illegal and determines jail time and fines for suspected persons. To be clear, the new bill announced on Thursday is an amendment to previous legislative documents regarding cryptocurrency […]
The first real estate purchase with Bitcoin has been registered in Colombia last week. The company, called La Haus, sold one property in Santa Marta to a buyer that was not in Colombia at the time of the purchase. While Colombia is just starting to consider bitcoin for real estate payments, in neighboring countries like Venezuela, it is becoming more common to use crypto for such transactions.
Colombia Debuts Real Estate Purchases With Crypto
The real estate sector in Colombia has reached a milestone when it comes to cryptocurrency usage, after registering its first purchase with....