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Colombia Ministry of Technology (Courtesy: Twitter)
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Colombian Technology Ministry Endorses Cryptocurrency

Colombia Ministry of Technology (Courtesy: Twitter)
Colombia Ministry of Technology (Courtesy: Twitter)

The Colombian Ministry of Information Technology and Communications, released a first-of-its-kind draft that asks people to adopt blockchain technology, including crypto payment-related matters.

In the Guide for the use and implementation of Distributed Ledger Technology (DLT/Blockchain) in the public sector, MinTIC explains the advantages and disadvantages of implementing DLT within projects related to public entities.

The Ministry also pointed out the country “is lagging” in adopting blockchain technology, citing the European Union countries, China, the United Arab Emirates, the United States, and Canada.

The organizations behind the guide — which includes ViveLab Bogota, Universidad Nacional de Colombia, Bogotá City Hall, and the National — proposed ten solutions that could be implemented: payments in crypto, land registration, voting, identity data management, supply chains, health records, business records, filing of academic degrees and management of taxes and public tenders.

Such solutions aim to remove third-party involvement within the security infrastructure using blockchain technology, which increases the “confidence and transparency” in the data management.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.