Colombia Plans to Launch Digital Currency to Reduce Tax Evasion
The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian pesos ($2,400). Colombia to Launch Its Own Digital Currency Many countries are now looking to digitize part of their economies in order to better understand and control the flow of money in their economies. The government of Colombia is planning to....
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A national digital currency would help curb tax evasion in Colombia, which is estimated at up to 8% of GDP, the head of Colombia’s tax and customs agency said. Amid Colombia’s economic growth beat expectations in the second quarter, an official at the country’s tax and customs agency has hinted at some national digital currency plans.Luis Carlos Reyes, the head of the Colombian Tax and Customs National Authority, claimed that the government of newly inaugurated Colombian President Gustavo Petro will seek to create a digital currency to prevent illicit financial activity like tax....
The Colombian government contemplates deploying a central bank digital currency (CBDC) to mitigate tax evasion. The country recently went through a change of government, and the new Gustavo Petro-led administration is apparently seeking to amend the alleged mistake of his predecessor. Related Reading: Bitcoin Is Now Accepted In This Popular Resort In The Maldives In […]
The Chinese national bank, People’s Bank of China (PBOC) issued a statement on its official website on Wednesday, 20th January 2016 stating its intent to launch its own digital currency. PBOC held a meeting to discuss the possibility of creating its own digital currency. The meeting was attended by important dignitaries including the governor of PBOC, Zhou Xiaochuan, deputy governor, Fan Yifei, and currency experts from Deloitte and Citibank among other currency experts. The official statement issued by the PBOC read that the meeting held to explore the possibility of issuing 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....
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....