Colombia Plans to Launch Digital Currency to Reduce Tax Evasion

Colombia to Launch Its Own Digital Currency

The government of Colombia is planning to launch its own digital currency in the near future, according to statements offered by Luis Carlos Reyes, head of the DIAN, the Colombian tax authority. On this note, Reyes stated that the purpose of this digital currency would be to enhance the traceability of these transactions so merchants cannot evade taxes using cash as a payment method.

Cash Restrictions

The introduction of the digital currency would also be accompanied by other measures that are currently being studied. While the use of cash for payments was reduced during the Covid-19 pandemic, cash is currently one of the main methods of payment in Colombia. Statistics from the Central Bank of Colombia show that the circulation of bills has risen to its highest number in 17 months.

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Source: Sergio Goschenko | Bitcoin .com

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