Speaking of local currency, just this year Colombia’s Minister of Finance, Ricardo Bonilla, at the World Economic Forum in Davos, Switzerland, earlier this year announced that Colombia is working on creating its own digital currency.
This statement highlights the importance that the government places on financial innovation, but also raises questions about the nature of that currency and how it will affect the growing crypto community in the country and most certainly the fact that it goes against the philosophy of blockchain technology, which is decentralization and the replacement of trusted third parties, who evidently exercise control over the population.
From the intervention of the Colombian government in the WFE, it stands out that it recognized, according to UN info, Colombia is in 10th place worldwide in the adoption of cryptocurrencies, with more than 700 businesses that accept them. Furthermore, between March 2022 and March 2023, the country experienced an astonishing transaction of more than $26,000,000,000 (COP) in virtual assets.
These numbers not only reflect the growing interest in cryptocurrencies in the country, but also the need to explore new ways to integrate them into the financial system. One created from us for us.