Bill On Cryptocurrency Is Criticized By Technical Sector Of Colombia
In Colombia, the Colombian technical sector harshly criticized the draft law on crypto regulation at the project consideration, Dinero reports.
In July 2018, Senator Carlos Abraham Jimenez (Cambio Radical) submitted the bill to the Congress of Colombia. According to the project "On cryptocurrencies, or digital currencies", the party proposed to license crypto coins trade. Moreover, the possibility of taxing internal and external crypto transactions in the amount of 5% of the total amount, one percent of which will be transferred to the account of the institution that protects crypto investors from fraud, is considered in the main project's clauses.
The representatives of the Ambito Juridico magazine's legal department state the bill lacks any understanding of the crypto industry. Professional lawyers claim the main drawback of the project on cryptocurrencies is that digital funds will be under the regulation of the Ministry of Information Technologies and Communications, while in other states they are in the jurisdiction to financial institutions.
The bill also mentions the Trickle cryptocurrency, which does not function, but was once at the stage of developing by the Colombian platform Fenix Premium, stopped by the financial regulator — another reason why experts found this bill unacceptable.
The legal authorities are concerned that the project, drawn up in this way, can provoke a number of fraudulent actions.
As previously reported, the President of Colombia intends to support the digital currencies in every possible way and contribute to the development of blockchain technologies.