Colombia scaled 1 With the possibility of crypto being allowed in gambling, Colombia is considering creating its own cryptocurrency.

With the possibility of crypto being allowed in gambling, Colombia is considering creating its own cryptocurrency.

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The Colombian government is considering launching its own national cryptocurrency, which could bring changes to The gaming industry.
-Currently, Colombia doesnt recognize cryptocurrency as valid tender and it isnt authorized for gambling. However, sweeping reforms could soften The governments position.
-The goal behind a national cryptocurrency, such as a Central bank digital currency (CBDC), is to reduce tax evasion in The country.
-The government is only beginning to consider The introduction of a cryptocurrency. However, it is confident that a solution is coming. Moreover, other countries, such as China, Venezuela, and more, have gone The CBDC route.
-in addition to The potential for a CBDC, The most likely route Colombia would take, Colombia is testing The feasibility of crypto in retail. Certain banks in The country have been piloting a program through which a limited number of consumers can use digital currencies to make purchases.
-Theres no guarantee that Colombia will decide to embrace BTC or other cryptocurrencies. Additionally, no government official has stated how approval might impact The gaming space. However, The country has opened The door to The possibility.
-more emphasis is being placed on CBDCs than ever before. from a government point of view, its a definitive way to embrace digital Money while ensuring it still controls The countries financial activity.
-However, supporters of cryptocurrency generally reject CBDCs. digital currencies are, by design, decentralized with no autonomous control. However, governments have complete, centralized control over state-sponsored digital currencies.

 

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