Bitcoin in Colombia, Legal or Illegal?

Many people are wondering what will happen in Colombia after the statements expressed by the Superintendent of Societies, Francisco Reyes to Caracol Radio where he reiterates to the colombian society the risk that exists in using virtual currencies such as Bitcoin and the proliferation of frauds Pyramids or ponzi schemes that have evolved to accept this type of electronic money (At the end of this article we will leave the original audio of the Superintendent’s statements).

What the Colombian Superintendency is trying to do is the right thing to do when it comes to alerting society to the dangers of investing in businesses which offer investment returns that seem too good to be true, and which are actually forms of scams that have been Modernized to maximize efficiency and reduce risks for scammers being caught by the authorities.

However, what the Colombian Superintendency of Societies is also doing is confusing and mixing the concepts, since not all virtual currencies are synonymous with scams or ponzi schemes and specifically bitcoin is not in itself a scam or a trick of Some organized mafia.

Quite the contrary bitcoin is a technology that allows its users to have control over their funds without the need for intermediaries.

The real problem is a combination of ambition, apathy, and ignorance. Sometimes when a person hears that a friend has invested in bitcoin and has gained a certain amount of profitability, the ambition of the person goes on and wants to enter the business, but since the person is very anxious to make money and does not want to take the Valuable time to find out what bitcoin really is, how to get it and store it safely, then decide to take some quick route.

It’s just what the scammers are waiting for, people eager to have something and they do not take the time to find out what’s behind a business. That’s why scammers find victims every day who are cheated with promises of exorbitant returns that sometimes streak into the ridiculous.

Scammers for centuries have exploited human nature to get gold, silver, pearls, diamonds, dollars, and more recently bitcoins. They have used all sorts of means and devices to convince the unwary to shed their belongings in exchange for an empty promise.

The truth is that what should be done by the authorities and especially the Colombian Superintendency of Corporations is to alert citizens not to invest in any kind of business they do not understand or in those who have the slightest suspicion of something murky, Strange or without logical sense.

As for whether the bitcoin is Legal or Illegal in Colombia, what the authorities have said is that it is not illegal but it is not legal either, it means they can not condemn any citizen by using a technology, however they can not offer some kind of Legal support, guarantee or reimbursement if that citizen is affected in any way by the use of that technology.

Bitcoin is as novel for governments as for the general population and although it offers many benefits to society, bitcoin will have to continue to exist along with its wrong stigma of being a tool for evil, as if it were a created instrument By the same demon so that bad people get away with it.

I think that the thought of cataloging everything that is new or unknown as something evil is a very poor and backward notion, progress needs minds eager for knowledge and wanting to improve the world, we can not stop because of fear, we must face it and improve our financial education so as not to be an easy target for scammers.

Source:  El Tiempo

Disclaimer: This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent infocoin views and should not be attributed to Infocoin.

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