The ministry has come up with a “first-of-its-kind” draft that outlines the regulation of blockchain and crypto gaming in the country, encouraging the public sector to consider the adoption of blockchain technologies in all payment-related activities.
According to the ministry, there are both advantages and disadvantages of adopting blockchain in public administration, but overall, lawmakers believe it’s a positive move and an important stepping stone.
Several organisations have discussed the idea to see blockchain more widely adopted in the public sector, including ViveLab Bogota, Universidad Nacional de Colombia, Bogotá City Hall, and the National.
The ministry admits Colombia has been lagging behind other countries, such as China, the United Arab Emirates, Canada, the United States and the European Union in terms of blockchain solutions.
Lawmakers and experts explained that blockchain could play a key role in the public sector, eliminating third-party intermediaries, optimising any process and generally bringing dividends for the country or private-sector company that uses blockchain.
Colombia has made attempts to regulate the crypto industry before, but those attempts have been unsuccessful. Meanwhile, China has been pushing ahead, relying heavily on blockchain to standardise its public sector’s operations.
The country has created a special administrative region dedicated to blockchain in Hainan in the hopes of empowering every industry in the country and bolstering the country’s IT systems.
With Colombia joining in the regulatory push, it’s now one of the Latin American countries to take blockchain as a gateway to improved economic standing.