Colombia planea lanzar moneda digital para reducir evasión fiscal

The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian pesos ($2,400).

Contenido

Colombia to Launch Its Own Digital Currency

Many countries are now looking to digitize part of their economies in order to better understand and control the flow of money in their economies. The government of Colombia is planning to launch its own digital currency in the near future, according to statements offered by Luis Carlos Reyes, head of the DIAN, la Colombian tax authority.

Reyes told local news outlet Semana this would be one of the proposals of the newly inaugurated president Gustavo Petro in order to curb tax evasion, estimated to be between 6% y 8% of the GDP of Colombia. On this note, Reyes stated that the purpose of this digital currency would be to enhance the traceability of these transactions so merchants cannot evade taxes using cash as a payment method.

On the effectiveness of the measure, Reyes estimated:

This is equivalent to six or eight tax reforms that have been made in the country, with which a maximum of 1% o 1.5% of GDP is obtained.

Sin embargo, Reyes did not disclose any traits of the digital currency or the way in which it would work alongside the traditional payment systems in the country.

Cash Restrictions

The introduction of the digital currency would also be accompanied by other measures that are currently being studied. One of these measures is a restriction on payments in cash over a certain amount. Reyes confirmed this amount would be 10 million Colombian pesos, or approximately $2,400.

Sin embargo, these changes might disrupt the payment channels of Colombians. While the use of cash for payments was reduced during the Covid-19 pandemic, cash is currently one of the main methods of payment in Colombia. Statistics from the Central Bank of Colombia show that the circulation of bills has risen to its highest number in 17 meses.

De acuerdo a datos from the Financial Superintendency, Colombians still prefer cash as their main payment method when paying for transportation (94%), groceries (80%), cell phone top-ups (78%), and rent (77%).

Etiquetas en esta historia

What do you think about the proposal of a digital currency in Colombia and the proposed restrictions on cash payments? Cuéntanos en la sección de comentarios a continuación..

Sergio Goschenko

Sergio es un periodista de criptomonedas radicado en Venezuela. Se describe a sí mismo como retrasado en el juego., ingresando a la criptosfera cuando el precio subió durante diciembre 2017. Tener una formación en ingeniería informática., viviendo en venezuela, y ser impactado por el boom de las criptomonedas a nivel social, él ofrece un punto de vista diferente sobre el éxito de las criptomonedas y cómo ayuda a los no bancarizados y desatendidos.

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