cryptonews.net
Luis Carlos Reyes, director of Colombia's tax agency DIAN, recently spoke about the country's intention to launch a central bank digital currency (CBDC). The goal of the Colombian government cryptocurrency is to improve the traceability of transactions so that merchants cannot evade taxes by using cash as a payment method. He is confident that this is equivalent to six to eight tax reforms carried out in the country.
The introduction of digital currency will be accompanied by other measures. One such measure would be to limit cash payments above a certain amount. Reyes said the limit would be 10 mln Colombian pesos, equivalent to $2,400. However, these changes could disrupt the payment channels of Colombians.
According to the Financial Authority, Colombians still prefer cash as their main method of paying for transportation, food, mobile communications and housing. Earlier, the Colombian Ministry of Technology and Communications published an 82-page white paper that collected tips for implementing blockchain technology in public infrastructures.
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