Colombia issues bonds with blockchain technology
The pilot test begins with the issuance, placement, registration of payments, negotiation and fulfillment of the operation and updating of legal regulations
The Innovation Committee of the Financial Superintendence of Colombia (SFC) notified the approval of the first bond issue in the second market using blockchain technology and smart contracts, in order to monitor them in all phases of the process.
Colombia becomes the first Latin American country to start the pilot test of issuance of stock bonds with the use of blockchain technology, throughout the process of issuance, registration and negotiation, which implies an important leap by the SFC before its Latin American peers .
The information was provided by the institution through a statement, where it also explained: “that the issuance of this real bond does not involve all the traditional infrastructure that uses a centralized deposit of securities, but it will have all the phases of an issuance of securities. traditional bonds. That is to say: the inscription of the instrument in the National Registry of Securities and Issuers (RNVE), issuance, placement, registration of payments, negotiation and fulfillment of the operation.”
This test is intended to demonstrate the efficiency of blockchain technology at times where interoperability, immutability and effectiveness are essential in institutions. Therefore, it is expected to verify and verify if the planned times are the most optimal for each and every one of the phases of the process.
Financial entities will participate in the pilot test are: Davivienda banks, the IDB Group and Banco de la República. Davivienda will be responsible for issuing the trial bond, the IDB will be in charge of acting as an investor, while the Banco de la República will be the “observer who will oversee that the process is completed according to the former
The most important challenge of this pilot test is related to the updating of the stock exchange regulations and policies that govern the entire process, because they are directed, for the most part, to an administrative process, preferably written, for which the legal instruments must be developed and adapt to new technology.
M. Rodríguez
Source: es.cointelegraph.com
