What if Bitcoin (BTC) was born in Escobar’s Colombia? Should Colombia then be naturally recognized as the capital of cryptocurrencies? Many crypto and blockchain initiatives are emerging in the country. Colombia takes the lead in Latin America.
Colombia soon to be addicted to blockchain and cryptos
Although the adoption of cryptocurrencies is a relatively recent phenomenon in Colombia, the country already has the largest number of ATM bitcoins ofLatin America.
At the same time, the Colombian government has set up a program to test cryptocurrency transactions until December 31, 2020.
A leading player in finance has also just taken its first steps in cryptocurrency in the country.
The Colombian Stock Exchange (CSE) joined the Consorcio Colibri, a private initiative that aims to promote the adoption of blockchain technology in the sector.
The Consorcio Colibri was created by several major financial institutions including the Bancolombia, the BBVA, the Santander Caceis Colombia, the Deceval, the Contrato Marco and the Skandia.
Blockchain is the future of finance: CQFD
The CSE will use the blockchain platform of Humming-bird, through a partnership with Contrato Marco. The president of CSE, Juan Pablo Cordoba, believes that blockchain technology will streamline the process of clearing and settling collateral.
The processing of transactions in the derivatives market is currently long, expensive and difficult to reconcile with the procedures in force.
According to the daily La Republica, the agreement includes a strategy for implementing ” Fintech Connection Program »Jointly developed by the CSE and Sophos Solutions to accelerate the digitization of companies in many sectors.
The executive director of Contrato Marco, Juan Manuel Lopez, indicated that this collaboration with the CSE will demonstrate that the future of financial infrastructure lies in blockchain technology.
In October 2019, the Colombian fintech announced the success of a pilot project using distributed ledger technology to minimize operational risk for derivatives market participants.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Can blockchain and cryptos also participate in the fight against crime in Colombia – unfortunately famous for drug trafficking – or on the contrary, will they encourage illegal activities? Will drug traffickers use blockchain to tokenize coca fields? It will be necessary to regulate without calling into question the decentralized nature of blockchain initiatives: a whole DeFi for Colombia.
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