Six public and private companies of Colombia joined their efforts, creating a Colombian association of blockchain, according to the Spanish news publication EFE. The Association is aimed at supporting the crypto-cash and blockchain-ecosystems, as well as advising the government on regulation of the industry.
The association was established by Buda Colombia, Bitcoin Colombia, Cajero.co, IntiColombia, Panda Group and RSK, with the participation of Maurizio Tovar, co-director of INTIColombia, a research group of the National University of Colombia.
During the discussion of the agenda of the newborn organization, the Goods spoke out against the “brutal” traditional financial sector, which burdens Colombians with unnecessary expenses. According to him, citizens “do not trust” the current system. The product added that the Association should act as a consultant for the government to ensure the “informed” development of new technologies, without violating the key principle of blockchain – decentralization, and without introducing excessive regulation.
The head of Buda, Alejandro Beltran, spoke about the prospects of cryptocurrencies in Latin America, noting that now 200 million people are living on the continent, not serviced by the traditional financial sector, which can be corrected thanks to the crypto economy. In particular, Beltran drew attention to the difficulties experienced by labor migrants with sending money to their homeland.
Participants of the event also discussed the possibility of using blockchain in other areas, such as information security, intellectual property, energy sector, the system of elections and registration of real estate.
Last year, the United Nations Economic Commission for Latin America and the Caribbean published a report stating that blockchain technology can help solve the problems of the banking sector on the continent. Countries with a large number of people, divorced from banking services, like Venezuela, are already encouraging the population to study crooked currencies. Earlier this year, Venezuela, under pressure from US sanctions, launched its own cryptocurrency, backed by oil – Petr0.