Colombian Tech Ministry Openly Endorses Bitcoin

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In a year where the COVID-19 pandemic has destroyed financial systems around the world, Bitcoin has been soaring sky-high. We’re not just talking about the price jumps which may see the leading cryptocurrency climb new mountains. We’re talking about newfound support coming from all sides that aims to put the world to notice.

The Colombian Technology Ministry just released a guide on the blockchain that calls for public sector adoption. Such a draft is first of its kind and explains all the advantages and disadvantages of crypto payments.

Colombia has been pushing for a regulated crypto market since last year and hoping to jump on the crypto train sooner rather than later. The new draft has also pointed out that the South American country is lagging behind the EU and other countries around the world, spelling faster adoption of Bitcoin and other cryptos.

Backed by Respectable Organizations

The draft of a guide has so far been backed by many respectable Colombia organizations. These include the Bogota City Hall, the Universidad Nacional de Colombia, ViveLab Bogota, and the National among others. It proposes ten solutions on how Bitcoin and cryptocurrencies can be implemented in Colombia. Among them are crypto payments, but also health records, identity data management, and land registration.

If implemented, these solutions will remove third-party involvement in the security infrastructure that uses blockchain tech. This, in turn, should raise confidence and transparency in data management.

While not the first time for a Ministry to openly endorse cryptocurrency, this kind of ratification is very rare. The Technology Ministry is now openly asking the public sector to start using blockchain technology which can put the unstable Peso on the backburner. Of course, things won’t happen overnight, but if the South American country starts making changes now, it could be a historic event for Bitcoin.

The Draft Cites Bitcoin’s 2008 Whitepaper

Interestingly, the draft guide cites the 2008 draft “Bitcoin: A Peer-to-Peer Electronic Cash System” published by the mysterious Satoshi Nakatomo. Widely believed to be the father of Bitcoin, it’s still not clear if Satoshi is one person or a group. There have been suggestions for both sides and the 2008 draft is considered a Holy Grail among crypto supporters.

The Colombian Technology Ministry has cited Satoshi’s whitepaper on several occasions. It clarifies how payment solutions can ensure the customers’ protection when using cryptocurrencies. To put it simply, it gives the MinTIC draft credibility.

Many government officials have been pushing for crypto regulation in Colombia for years now. All attempts have been unsuccessful so far, but the public believes that crypto regulation is close. As a mecca for online gambling, the Bitcoin gambling industry is one that can really take off if cryptos are regulated in the South American country.

According to experts, the MinTIC draft of a guide is the first big step toward public blockchain adoption. This may put Colombia years ahead of the rest of the world that is currently struggling with fiat money systems.

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August 19, 2020: • No Comments

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