- Colombia ranks second in BTC trading in Latin America.
- Crypto and BTC trading has become a vital part of Colombia.
- Authorities plan to increase the taxes on Crypto and BTC.
It’s obviously certain that cryptocurrency and digital assets are the future. In spite of this, the whole world is currently indulging itself into it. However, recent years have been quite controversial. This may be due to certain major factors like, concerns towards the environment, over exploitation of power resources, traditional finance imbalances and much more.
All the super powered countries which have completely adopted crypto and Bitcoin (BTC) are now closing their gates, stricting the regulations, banning mining and so on. On the other hand, those developing countries, where the regulations have not yet been formalized, are completely drowning themselves into the crypto and BTC industry. In other words, they term that this may be a superficial factor for boosting their economy and gaining a certain supremacy.
Likewise, one such country is Colombia. Being the first gateway towards latin America, Colombia not only owes to be the country with a high biodiversity, but also upon adopting the crypto and BTC.
Colombia’s Crypto and BTC Indulgements
With the crypto and BTC industry not yet put up with a proper regulatory framework, Colombia thrives as much as it could rapidly with the onset of the industry in the nation. The complete country is flourishing with crypto and BTC trading effortlessly. In spite of this, Colombia currently ranks the second country with the highest BTC active trading.
Apart from this, the number of crypto firms, exchanges and even crypto ATMs in the nation are on the rise. Moreover, it’s estimated that there are about 687 official crypto and BTC retailers in the nation spread out. With such abundance in BTC and crypto trading, the Dirección de Impuestos y Aduanas Nacionales de Colombia (DIAN), which is the official tax authority of the country, plans to stricten the taxes imposed upon the crypto and BTC tardings.
DIAN’s Notions
With such an increasing activity, authorities from the DIAN term that many crypto and BTC traders are expelling themselves from paying taxes upon their assets. Many debunk paying the taxes, and many a times even failing to record their trades.
Moreover, the DIAN states that they intend to make the country more diligent and honest when it comes to crypto and BTC trading. In spite of this, DIAN states that they will be soon devising a regulatory framework especially towards the taxes for digital assets. Accordingly, they exclaim that this will make sure that all taxes are being properly paid.
However, the main notion of DIAN is to make the tax avoiders pay their taxes properly. Besides, there are high possibilities for Colombia to make BTC legal tender for the nation.
