The Colombian Senate held a debate on virtual currency and blockchain technology, “as methods to modernize the virtual economy” on June 6, 2018, Wednesday, according to a press release posted yesterday.

Colombian Senate Third Committee was organized by Colombia’s Green Alliance party senator, Antonio Navarro Wolf, with partakers and participants who include the Financial Superintendent of Colombia, the Ministry of Finance, the Central Bank of Colombia as well as the ICT Ministry.

Senator Wolf started his speech by supporting the in-depth investigation of blockchain technology in Colombia. According to him, blockchain can change the lives of people in Colombia, in its use across economic, administrative as well as political spheres.

He also mentioned in his speech the possibility of blockchain to reinforce the safety and transparency of the electoral system, make smart agreements and contracts easier, and benefit the public service management.

The blockchain is an incorruptible virtual ledger of financial transactions, which can be set to record not only economic transactions but almost everything of value. This system is like the web wherein it has built-in toughness. Through storing blocks of data which are the same in its network, the system can’t be controlled and don’t have a single point of breakdown.

Senator Wolf also characterized both blockchain and virtual currencies as, methods to modernize the digital economy of his country. He also mentioned that virtual assets have come to the attention of the people of Colombia, following the meteoric rise of virtual currency markets last year, with enlarging interest growing the need for regulatory securities. To this end, Navarro Wolf appealed to the Ministry of Finance to practice both adaptation and regulatory oversight of the latest technologies.

Colombia’s Financial Superintendent representatives spoke of a new working party, called INNOVA that was discovered recently to assess the applications of blockchain technology as well as to encourage caution, prudence and protection of the general public.

For his part, ICT Ministry representative Juanita Rodriguez commented that blockchain technologies” generate assurance and are secure, and must be pursued once the digital economy of the country thrived.

A few weeks ago, CBA or Colombian Blockchain Associated was created in order to serve as an interlocutor to the government and promote the informed implementation of latest financial systems, without sacrificing the decentralized concepts of blockchain technology. A Green Alliance rep the same way warned against boiling overregulation of the growing industry, suggesting that disintermediated system would help to dispel Colombian’s distrust of the conventional financial sector.