Tax & Accounting News

Colombia to Battle Tax Evasion Epidemic With Official Digital Currency

8/18/2022

The South American nation of Colombia is planning to launch its own official digital currency in a bid to stop tax evaders.

Per the Atlantic Council's Central Bank Digital Currency Tracker, Colombia will join 10 other nations that have already created official digital currencies:

10 countries have fully launched a digital currency, with China's pilot set to expand in 2023. Jamaica is the latest country to launch a CBDC, the JAM-DEX. Nigeria, Africa's largest economy, launched its CBDC in October 2021. Many countries are exploring alternative international payment systems.

Bitcoin.com reported that "one of the purposes of this new [Colombian] currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian pesos ($2,400)."

The head of the Colombian tax authority (DIAN), Luis Carlos Reyes, spoke to local news source Semana about the nation's decision to move forward with an official digital currency, indicating that newly inaugurated president Gustavo Petro believes that this measure will go a long way toward stopping tax evaders.

Tax evasion is a major problem in the country, and is estimated to be between 6% and 8% of the GDP of Colombia. Reyes confirmed to Semana that the purpose of this digital currency is to "enhance the traceability" of large transactions so merchants cannot evade taxes by using cash as an under-the-table payment method.

He specifically stated, "This is equivalent to six or eight tax reforms that have been made in the country, with which a maximum of 1% or 1.5% of GDP is obtained."

Reyes did not provide a specific timeline for when this new currency will be rolled out.

Per the Financial Superintendency, Colombian citizens still prefer cash over all other payment methods for everyday expenses like transportation (94%), groceries (80%), cell phone top-ups (78%), and rent (77%).

What do you think about Colombia's new digital currency?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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