Colombian Draft Bill on Crypto Called 'Inconsistent,' Criticized by Local Industry

A draft bill on crypto regulation presented to Colombia’s Congress has been heavily criticized by the local tech sector, Colombian financial journal Dinero reports Tuesday, September 24.

The draft was introduced in late July by senator Carlos Abraham Jimenez from Cambio Radical, the second largest party in the lower house of Colombia’s Congress.

The bill, called "On cryptocurrencies, or digital currencies," gave definitions for various crypto-related terms and suggested the issuance of licenses for trading coins. The bill also proposed a five percent tax on all crypto transactions, both internal and international, of which 1 percent should be sent to an organization protecting crypto users from fraudulent activity.

Congress has since opened debate on the bill, while the experts gave first comments. According to professional lawyers cited by local legal outlet Ambito Juridico, the draft lacked an assessm