Colombia authorizes adoption of disruptive blockchain technology
Financial Superintendence of the Caribbean country licenses its members to use more advanced technology in order to improve their services
The Financial Superintendence of Colombia issued a circular number 029 of 2019, where it authorizes supervised entities to adopt disruptive technologies such as blockchain, and also urged financial entities to promote augmented reality, the internet of things, intelligence artificial and big data in order to improve the provision of its services.
The statement includes the biometrics for face-to-face authentication as well as the mandatory 2FA in conventional operations where the presence of people is not required to access their services. Finally, it includes definitions of concepts such as contactless payments and tokenization.
Although the highest regulatory body of Colombian companies approved this new mechanism, the use of disruptive technology in the Colombian banking sector has had a strong movement, promoting proposals such as Minka, which aim to offer solutions in the local sector with products focused on the union of technologies such as blockchain and Artificial Intelligence.
Another company that apply blockchain technology is Neurona, which is specialized in software that has 70% of Colombian financial entities as clients that require interbank connections.
All the advances presented in this area have led Colombia to position itself as the second country in the global ranking of bitcoin volumes traded worldwide and then Venezuela. It is believed that much of that amount is destined to the payment of remittances.
K.Villarroel
Source: thebtctimes
