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RE: Crypto: Hope for Venezuela?

in #crypto • 6 years ago

Hi @crypto.piotr.

The only legal currency in Colombia is the Colombian peso (COP).

I'm not an expert in law but i know there is a foreign exchange regime which allows transactions in other currencies under some cases or for international trade. However, Colombian central bank (Banco de la república) says that Crypto is not a "currency" and Colombians should stay away from them because they are "risky".

On the other hand there is not a law which prohibits the holding of Crypto for individuals or non-financial institutions.

Tax authority also says that realized gain in the sale of Crypto is subject to income tax.

Taking into account the above mentioned, some people consider there is a gray zone in law so everyone should review his/her particular case. Usually individuals are free to hold and trade in compliance with Anti money laundering rules (AML). If you want to know why AML is sensitive here just google why Colombia has bad reputation.

All of the above mentioned and other factors lead to have a game field without clear rules. For example, a crypto exchange company (Buda.com) closed withdrawals operations for colombians users because banks suspended their accounts. Colombian Banks often can do this without giving clear reasons of their decisions. Colombian banks don't trust you when you're involved in Crypto, because they think you're doing illegal activities when in fact the average Colombian is a honest and hardwork person who is figuring out how to leave the rat race legally.

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6 years ago in #crypto by
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     6 years ago  

    Thank you for your amazing reply @caribehub

    Just one more question: is it possible / difficult to cash out your STEEM in Colombia? Apparently, it's possible in Venezuela.

    yours
    Piotr

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       6 years ago  

      Hi @crypto.piotr Happy new year! I hope things become better this year.

      Regarding your question,it is difficult to cashout steem directly to Colombian peso because there is not market. Only a very very small part of colombians are in steemit, some of them are not quite active due to price falling and small earnings. For cashout you need to convert steem to bitcoin and then to COP by using localbitcoin.com or with a friend.

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       6 years ago  

      Thanks @caribehub for taking the time to explain it to me.

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         6 years ago  

        Hi @crypto.piotr Happy new year!

        Regarding your question, it is difficult to cashout steem directly to Colombian peso because there is not market. Only a very small part of colombians are in steemit, some of them are not active due to price falling and lack of profit. In my case i just write to share my thoughs. For cashout you need to convert steem to bitcoin and then to COP by using localbitcoin.com or with a friend.

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