Columbian Senate Champions Cryptocurrency and Blockchain Technology

Amidst a bustling ecosystem powered by Blockchain technology, cryptocurrency is continually striving a little further every day. Our latest news flash on the development of cryptocurrencies comes to us from the Columbian Senate. As per a press release reported on June 7, the Columbian Senate conducted a discourse on the role of Blockchain and cryptocurrencies “as mechanisms to modernise the digital economy”.

Reports confirm that Columbia’s Green alliance party senator Antonio Navarro Wolff assembled the Third Committee, which included the Ministry of Finance, the Columbian Central Bank, the ICT Ministry, and Columbia’s Financial Superintendent as participants. Wolff was overtly vocal about his faith in Blockchain technology right from the beginning of his speech. He established that it is essential for the Columbian administration to study blockchain “in greater depth”. He further went on to comment that the technology “could change the lives of Columbians ” through its application in administrative, economic and political sectors.  

More importantly, Wolff emphasised the prospects of Blockchain in fortifying procedures like:

  • Transparency of the Electoral system
  • Promotion of Smart Contracts
  • Management of Public Services, etc.

In the words of the senator, cryptocurrency and Blockchain technology act as “mechanisms to modernise the country’s digital economy”. He mentioned that the interest of Columbians towards digital assets grew after the fast track rise of the crypto markets in 2017 and the requirement of regulatory measures. He concluded his speech by appealing the Ministry of Finance to seek insights on the implementation and regulation of the technologies.

According to a representative of Colombia’s Financial Superintendent, new task force by the name of INNOVA has recently been formed to explore the possibilities of Blockchain and promote “prudence and protection of citizens”. Strengthening the case of Blockchain technology, Juanita Rodríguez of the ICT Ministry said that Blockchain systems “generate confidence and are safe”, and must be pursued for the country’s digital economy to prosper.