Crypto transactions: Columbia government launches a pilot program that allows less regulatory oversight

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Columbian government has announced a pilot program that would allow companies to carry out crypto transactions with reduced regulatory oversights.

Columbia has further made a massive move in its quest to use blockchain technology to check crypto transactions after inviting companies to try out the program. According to the authorities, the trial is currently open to companies who wish to try it out and would close by December 31. 

While giving a speech at the panel of the overview of crypto assets in the country, the Columbian regulators’ head said the program would run through the latter parts of 2021.

Pilot program to eliminate major restrictions while checking crypto transactions

According to the Chief of Financial Supritendence in Columbia(SFC),  Jorge Castano, this new regulatory framework would eliminate major restrictions while still checking crypto activities. 

“This pilot program would allow us to maintain a level between watching investments, preventing situations that might lead to chaos, an increase of illegal transactions while promoting the use of technological advancements”, Castano said.

Furthermore, Castano announced that the new program to check crypto transactions would go through five different phases. The first would be the application, then it would move to the selection phase, before going through structuring, monitoring, and feedback.

Columbia would move to launch new crypto rules if the pilot program is successful

A statement released by the SFC said that four firms in the country had signaled interest in the pilot program to monitor crypto transactions. However, the firm stressed that they have not yet concluded the timeline that each of the phases would run through.

This new development is coming off the back of the crypto law proposal that was released in 2019 to control crypto activities in the country. The proposal was drafted to check the activities of crypto as well as investments dealing with them. 

The unveiling debate was held up due to the SFCs delay in communicating its view on digital assets. If the program is launched successfully, then the crypto law would be released in no time.

Tags: cryptocurrency tradingcryptomarketDigital CurrencyFintech

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