Colombia Considering National Cryptocurrency, May Allow Crypto in Gambling

August 19, 2022 World Blockchain

Currently, Colombia doesn’t recognize cryptocurrency as valid tender and it isn’t authorized for gambling. However, sweeping reforms could soften the government’s position.

The goal behind a national cryptocurrency, such as a central bank digital currency (CBDC), is to reduce tax evasion in the country. This is according to Luis Carlos Reyes, who heads Colombia’s tax authority.

Digital Currency Gains Another Ally
Reyes explained the initiative in a recent interview with media outlet Semana. He explained that the goal is to offer a solution to facilitate easier transactions for consumers. At the same time, it could help reduce fiscal losses from tax evasion.

Petro has shown support for cryptocurrencies before. Part of his campaign platform included a promise to do whatever was necessary to eliminate tax fraud. He also hinted at the possibility of welcoming crypto miners into the country.

The government is only beginning to consider the introduction of a cryptocurrency. However, it is confident that a solution is coming. Moreover, other countries, such as China, Venezuela, and more, have gone the CBDC route.

Others, like El Salvador, opted to make bitcoin (BTC) legal tender. Mexico, Argentina, and a few other Latin American countries are also considering how to approach digital currencies.

Dr. Michael Muscat, partner at Helix Partners and Igamingcolombia.com, confirmed to Casino.org Colombia’s cryptocurrency intentions. In addition, he added that “the regulation of iGaming brought with it payment providers and other tech incentives in need of regulation.”