Bitcoin: Cryptocurrencies truths and myths

On March 15, 2018, within the framework of “FIGRI Day,”' experts from different disciplines will discuss this new payment method which is increasingly growing throughout the world.

On the next FIGRI Day, four experts will address, from different disciplines and approaches, the truths and myths of cryptocurrencies, such as the Bitcoin. A topic which, undoubtedly, poses great challenges for the State and the world of finance. Is it possible to regulate them? Should they be regulated? Will they be competing with national currencies? Will they become a standard currency such as the dollar, the euro, or the yuan?

It is no secret that, often, society moves faster than the State and its regulatory bodies. In the last few years alone, we have witnessed how through technology and worldwide user interconnectivity, the purchase and sale of traditional goods and services have been restated.

Companies such as Uber and Airbnb have challenged transportation and lodging markets.

However, perhaps one of the greatest challenges current Governments will face involve cryptocurrencies and the dilemmas they pose. Although, in theory, the Bitcoin proposes to facilitate currency transactions between users, reduce transaction costs, and other types of technological advantages, the reality is there is a kind of void in practical, regulatory and public policy terms. Indeed, despite being a trend on the rise, few instances in Colombia have been expressed on this issue.

On March 15, 2018, experts on the topic will meet to discuss the issue from different disciplines. Carlos Arango, senior researcher of the Bank of the Republic Payment and Banking Operation Systems Department, will address the public policy challenges posed by the cryptocurrencies.  José Luis Rivas, technology developer, will explore the Bitcoin origins in a non-regulated society; and Javier Sandoval, ODEON Research Professor, will analyze the cryptocurrencies’ theoretical and conceptual foundations. Lastly, Daniel Monroy, Professor- Research of the Externado University Economics Law Department, will talk about the challenges and prospects facing Bitcoin regulation.