news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Gravitas: Cryptocurrency: New tool for money laundering

    Gravitas: Cryptocurrency: New tool for money laundering

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    Bitcoin At MAJOR Crossroads (IS BTC PRICE ABOUT TO CRASH?)

    ये Coins कर सकते बर्बाद ‼️  Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    ये Coins कर सकते बर्बाद ‼️ Solana Bad news | 30 दिसंबर को बड़ी हलचल | Cryptocurrency | crypto news

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    Quant QNT Price News Today Technical Analysis – Price Now! Quant Price Prediction 2022

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    🔥 100X POTENTIAL? 🔥 LONG TERM BNB PRICE PREDICTION – Crypto News Today

    Gravitas: Cryptocurrency: New tool for money laundering

    Gravitas: Cryptocurrency: New tool for money laundering

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    Last Chance to Buy Ada (Cardano) || Ada (Cardano) Price Prediction || Ada News Today || Ada Update

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    20/12/2022 Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    🚀Binance ने Cryptowalo को Goodnews दी ✅️🚀| Cryptocurrency | Shiba inu news today

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

    Emergency ♦️ बंद हो गया था Binance ⚠️ | Crypto News Today | Cryptocurrency | Bitcoin

No Result
View All Result
news4global
No Result
View All Result
Home Regulation

Colombia Plans to Launch Digital Currency to Reduce Tax Evasion – Regulation Bitcoin News

August 17, 2022
Reading Time: 4 mins read
0
Colombia Plans to Launch Digital Currency to Reduce Tax Evasion – Regulation Bitcoin News
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Bitcoin price may retest $20K on US CPI amid absence of soft landing — trader – Cointelegraph

February 5, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

This Week in Coins: Bitcoin Barely Budges, But Render and SHIB … – Decrypt

February 4, 2023

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).

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, the 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% and 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% or 1.5% of GDP is obtained.

However, 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.

However, 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 months.

According to data 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%).

What do you think about the proposal of a digital currency in Colombia and the proposed restrictions on cash payments? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

Share76Tweet47

Related Posts

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Bitcoin price may retest $20K on US CPI amid absence of soft landing — trader – Cointelegraph

by admin
February 5, 2023
0

Bitcoin price may retest $20K on US CPI amid absence of soft landing — trader  Cointelegraph

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

This Week in Coins: Bitcoin Barely Budges, But Render and SHIB … – Decrypt

by admin
February 4, 2023
0

This Week in Coins: Bitcoin Barely Budges, But Render and SHIB ...  Decrypt

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Latest Crypto News: Binance Cuts Ties With Indian Crypto Exchange WazirX, Filecoin Creator Protocol Cuts Staff Strength By 21% – Outlook India

by admin
February 4, 2023
0

Latest Crypto News: Binance Cuts Ties With Indian Crypto Exchange WazirX, Filecoin Creator Protocol Cuts Staff Strength By 21%  Outlook India

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Bitcoin set to end week 1% higher after Fed meet, but strong jobs … – Seeking Alpha

by admin
February 3, 2023
0

Bitcoin set to end week 1% higher after Fed meet, but strong jobs ...  Seeking Alpha

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Crypto is back with $300bn frenzy – Financial Times

by admin
February 3, 2023
0

Crypto is back with $300bn frenzy  Financial Times

Load More
  • Trending
  • Comments
  • Latest

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022
Protocon Announces ‘Contract Model’, an Alternative

Protocon Announces ‘Contract Model’, an Alternative

April 6, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Bitcoin price may retest $20K on US CPI amid absence of soft landing — trader – Cointelegraph

February 5, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Weekly Article Recap: 1/30-2/3 – BSC NEWS

February 5, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

#Cryptocurrency Hackers Stole $3.8 Billion Last Year, Making It the Worst Year on Record … – Latest Tweet – LatestLY

February 5, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

What are the 5 Interesting Facts About Bitcoin – GISuser.com

February 5, 2023

Latest News

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Bitcoin price may retest $20K on US CPI amid absence of soft landing — trader – Cointelegraph

February 5, 2023
Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs – Cointelegraph

Weekly Article Recap: 1/30-2/3 – BSC NEWS

February 5, 2023

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global