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The digital currency plans are one aspect of the South American country’s newly drafted monetary policy measures that seek to bring increased transparency to financial transactions. Currently, tax evasion is estimated to account for between 6% and 8% of Colombia’s gross domestic product. What is not clear yet, however, is whether the currency that is being considered will be a central bank digital currency or an asset-backed national currency similar to Venezuela’s oil and mineral reserve-backed Petro.This isn’t the first time the idea of a retail CBDC in Colombia has been explored, as shown in this paper written by Hernando Vargas, technical deputy governor at the central bank of Colombia.
And the news that Colombia is seriously considering going the digital currency route isn’t all that surprising when you consider past comments made by the newly sworn-in Petro, who has been a staunch supporter of cryptocurrencies like Bitcoin .
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