• Thu. Feb 29th, 2024

Colombians Can Now Convert Capital to Bitcoin – Says Colombian Watchdog

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Jan 4, 2021

In the year 2020, there has been an enormous number of Financial Institutions that have shifted to Bitcoin (BTC). It was just two years back when the majority of the financial institutions had no interest in investing in cryptocurrencies. Now the situation has completely changed and almost every major financial institution is interested in investing in Bitcoin (BTC).

If there is a major financial institution currently not investing in Bitcoin (BTC) then it might be considering doing it in near future. One of the most prominent financial and business intelligence institutions is MicroStrategy that has made an enormous investment in Bitcoin (BTC).

Similar to the rest of the major finance and intelligence giants, MicroStrategy also opposed cryptocurrencies initially. One of the major personalities at MicroStrategy was none other than Michael J. Saylor who is the CEO of the company. He was once among the personalities that opposed cryptocurrencies and never considered Bitcoin (BTC) a financial asset.

However, in the past couple of years, the same person has had a complete change of mind and views about cryptocurrencies. Michael J. Saylor has turned into one of the major proponents for Bitcoin (BTC) and the idea of investing in it.

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In the year 2020, MicroStrategy has become the top institution that has invested an enormous fund for the acquisition of Bitcoin (BTC). Altogether, the company has invested more than $1.2 billion and currently has more than 70,000 BTC under its possession.

Following in the footsteps of the major financial institutions, the Colombian institutions are also planning to set foot in the crypto-space. It has been stated that one of the major corporate watchdogs in Colombia has given the go for reserving capitals in cryptocurrencies.

It has now been confirmed that the regulators from Colombian corporations have permitted corporations to invest in Bitcoin (BTC). An official notice was just released by the corporation regulators ‘Superintendency of Corporations’ that gave the go to the firms. As per the official notice, the firms in Colombia will be able to use their capitals to acquire Bitcoin (BTC) or other crypto-assets for reserving.

However, it is strictly advised by the regulators that the firms need to do this to be fully compliant with the regulations and conditions. The companies practicing the new rights will be required to abide by the regulations that have been outlined in the official notice.

The sudden change and amendment of the regulator’s ruling pertaining to cryptocurrencies is a great development and achievement for the crypto-industry. It was the same regulator in 2018 that warned the firms all across Colombia to be very cautious of the cryptocurrencies.

It was the same regulator that opined firms that cryptocurrencies were very volatile in nature and this is why they could not be considered as a financial asset.

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