Colombia Announces Bitcoin And Other Digital Currencies Illegal

illegal bitcoin

An article available by Colombian publication PanAm Post recommends bitcoin, and digital currencies in overall, are currently illegal in Colombia, requesting the administrator of regulatory body proclaimed the news lately.

The news originates after the Superintendencia de Sociedades, an organization related with the Colombian Ministry of Commerce, Industry and Tourism, proclaimed digital currencies, counting bitcoin, were banned in Colombia and guaranteed the only lawful currency is the peso.

The article mentions the declaration was done by Francisco Reyes Villamizar, head of the Superintendencia, after what is recognized as “investment clubs” increased popularity. In these, members persuade others to be the member of the club and invest their currency with the potential of doubling their money within period of two months. In the article, it is, though, unclear how all of this relays to bitcoin.

Francisco Reyes Villamizar also guaranteed Colombians the only thing allowable to issue money in the country is the Banco de la República, the central bank of country. The bank, supposedly, has frequently said the only legal currency in the territory is the one they issue.

A Debatable Announcement

Though it is clear the Colombian government is not caring of bitcoin, it’s indistinct whether or not it will impose what has just been proclaimed. The announcement has been interrogated, even inside the country.

PanAm Post told to a business consultant named Jorge Eduardo, who said currency isn’t only coins and notes, verifying his argument with the below translated statement:

To tell that pesos are the only resources of payment is to reject the fact that people recompense for a part of a new car by transporting a used car or by substituting an apartment or additional local for a used Villa. Bitcoins BTC can be prized in pesos similar like cars or houses. Everybody in each business tests that amount of what is delivered or expected is in pesos, bitcoins or some supplementary asset.

At the finish of the article, a slight overview of bitcoin’s value is stated. In it, PanAm Post mentions one bitcoin is value well more than $900 and dues its value may finish up being $1.000 to $1.200 in year 2017. Global variability and economic uncertainty are cited as factors that provision bitcoin’s value.

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