Criptomoneda y su panorama digital en el gobierno Colombiano

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(1)Cryptocurrency and its Digital Panorama in the Colombian Government Alejandro Vásquez 1, Jhon F. Bernal 1, Giovanni M. Tarazona 1 1. Department of Engineering, Francisco José de Caldas District University, Bogotá, Colombia. alvasquezc@correo.udistrital.edu.co, jfbernalv@correo.udistrital.edu.co, gtarazona@udistrital.edu.co. Abstract. Throughout recent years as well as in the use of cryptocurrencies factors that have been influenced by technologies such as Blockchain. This article investigates the current situation of the so-called cryptocurrencies in the international scene, as well as the acceptance, rejection or indifference position of different nations. Afterwards, the current situation of Colombia and its position with respect to the Cryptocurrencies is evaluated. Followed by this, a meet with a panel of experts is issued in order to provide a series of proposals that they evaluate and based on these a series of contributions regarding the concept of the cryptocurrency that is re-defined. Therefore, proceeding to characterize the actors involved in the transactions carried out with this medium. Finally, a brief recommendation is given to preserve the integrity of the Colombian users and a suggestion to form an interdisciplinary group under the concept of egovernment that aims to investigate and observe the potential use of the applications of the technology that surrounds cryptocurrencies and their relationship with egovernment. Keywords: Cryptocurrencies, e-government, digital currency, regulation.. 1. Introduction. The global economy is adapting to new developments and computational innovations that have the potential to transform the way goods, assets and services are exchanged in the economy [1], for this reason, the incursions of cryptocurrencies into the virtual market have generated changes in the way transactions are conducted due to their attributes and technology that they use. The report on cryptocurrencies published in November 2015 by the Committee on Payments and Market Infrastructure identifies three characteristics of the cryptocurrency: electronic, does not constitute a passive of no one and lastly, allow the interchange between pairs (P2P) [2]. These characteristics become intrinsic attributes of the currency that generate diverse positions, in regards to their acceptance and their condition like average of payment. Colombia is not indifferent to this latent problem and it is clear that it must define its position regarding this situation. This is why it is vital to analyze the antecedents on the international level and then propose what your treatment should be in the country. Last off, the contribution of this document focuses on re-difined of the concept of cryptocurrency. Therefore, we proceed to characterize the actors.

(2) involved in the transactions made with this medium. Finally, a brief recommendation is given to preserve the integrity of Colombian users and a suggestion to form an interdisciplinary group under the concept of electronic government that aims to investigate and observe the potential use of technology applications surrounding cryptocurrencies and their Relationship with electronic government.. 2. Cryptocurrencies and their Function. Cryptocurrencies, such as Bitcoin, are a decentralized electronic cash system, initially designed and developed by Satoshi Nakamoto. This was first seen in an article published under the name A Peer to Peer Electronic Cash System [3]. After this event, the concept of cryptocurrencies arose. Cryptocurrencies are means of digital exchange that, by their design and operation, fulfill the functions of traditional money allowing the exchange of goods and services [4] where users are the ones who generate the currency and verify that the transactions are carried out through a cryptographic process [5]. In order to carry out transactions with cryptocurrencies, the Blockchain technology or chains of blocks are used. This is a database that can be shared by a large number of users in a peer to peer [2] [3] manner and allows information to be stored in an immutable and orderly way [6], this chain of blocks must guarantee two fundamental properties: A. Availability: ensures that an honest transaction that has been issued ends up being added to the chain of blocks, preventing a denial of service from nodes products. B. Persistence: when a node gives a transaction as stable, the rest of the nodes, if they are honest, will validate this as stable, making it immutable and organized [7].. 3. Blockchain Technology Connected to e-Government. Cryptocurrencies and the underlying Blockchain technology are an emerging platform for greater innovation, not only in financial systems but also in the public sector. Some of the most important characteristics of the Blockchain technology is its nature and global reach, its built-in transparency and its independence in the trust of third parties [8]. These characteristics are not of equal significance for all governments, but they will be of importance in countries vulnerable to corruption and lack of confidence in general, such as Colombia, which can benefit from the global reach and transparency offered by this.

(3) technology and therefore implement tools that allow a development in e-government in countries like Colombia. Tools, such as Smart contracts and proof of existence are born from the exploitation of Blockchain technology and can provide important solutions in corruption matters and at the same time increase the little confidence currently existing between governments and their respective citizens. The following is a brief description of the meaning of the previously mentioned tools: 3.1 Smart contracts: intelligent contracts represent the implementation of a contractual agreement whose legal provisions are formalized in a programming code and are verified through a network of pairs [2] [3], these contracts are executed by the code without the need for a trusted third party [33]. 3.2 Proof of existence: is a web-based service that is used to show the authorship of things like software or documents. This tool demonstrates ownership of the document without revealing the information it contains [33].. 4. Problems Related with Cryptocurrencies. Some sectors, both public and private, have generated a scrutiny and have concluded that there are questionable characteristics that impede the international acceptance of this virtual currency. Some of the problems and risks which the governments may face, in economic facets and public security wise, are tax frauds, cybercrimes related with software (fake antivirus), or entry of platforms that provide illegal services in exchange of cryptocurrencies [9]. The cryptocurrencies are in a stage of development that has several risks involved. First of all, it is still not widely accepted as a method of payment by merchants, since changes or refunds are normally not accepted due to the price volatility [10] of these virtual currencies and the changes that can be presented in its value from one day to the next [11]. The destabilization of the centralized financial system is another of the problems facing virtual currencies [12] due to the use acquired by cryptocurrencies over time, this could affect the use of traditional currencies of different governments obtaining as a consequence the devaluation in its price and subsequently the loss of purchasing power in the different industries in which governments and financial entities interact. The anonymity as property present in cryptocurrencies contributes to the increase in the generation of criminal operations by some of the users [13], [14]..

(4) 5. Regulation of Cryptocurrencies in the World, Antecedents and Repercussions.. Several governments have already given the task of moving some jurisdictions with the objective of regulating cryptocurrencies, countries like China have banned the Yuan as a means of deposit for the exchange of cryptocurrencies. Other countries such as Germany, Korea and Thailand have also indicated a repudiation with respect to cryptocurrencies as a means of legal payment. However, the generation of some forms of regulation of cryptocurrencies implemented by other nations, will be of great importance to solve the negative aspects they generate, that is why it is not really necessary to prohibit their use as private currency due to the possibility of weakening monetary control [15]. The regulation, acceptance or prohibition on the part of the countries in the world and their central banks have direct and indirect repercussions on the economic ecosystem they govern. Table 1 shows the repercussions of the actions taken by the governments of different countries with respect to cryptocurrencies can be observed. Table 1. Cryptocurrencies at the international level, own calculations Country Ecuador. Acceptance Regulation No. Yes. United States. Yes. Yes. Brasil. Yes. Yes. Bolivia. No. Yes. Argentina. Yes. Yes. Spain. Yes. No. Description The national assembly banned the use of Bitcoin and any decentralized virtual currency [4]. In the guide FIN-2013-G001 on March 18, 2013 the applicability of the rules that are implemented to the Banking Secrecy Act (BSA) to the people who create, obtain, distribute, exchange, accept or transmit virtual currencies is clarified. [4], [7]. Law 12,865 of October 9, 2013 created the possibility of standardization of mobile payment systems and the creation of virtual currencies [4]. Board Resolution 044/2014 prohibits the use of coins not issued or regulated by the state [4]. The Financial Information Unit (FIU) requires financial entities operating in the country to report monthly on all transactions made with virtual currencies ([4], [16]. No type of regulation, although there are already cases in which the use of cryptocurrencies as a means of payment is [4], [17]..

(5) France. Yes. Yes. The government limited the anonymity in the purchase of Bitcoin and proposes a maximum amount in the payment with virtual currencies [4], [18].. China. Yes. No. Prohibited banks from trading with Bitcoin but users can buy and sell them [4], [19].. Singapur. Yes. Yes. It is not seen as a currency but as a commodity that is bought and sold and therefore taxes must be paid [4].. Japan. No. No. It is not a currency, but they consider taxing it as a value. They do not intend to legislate on bitcoin [4], [19].. 6. Colombia Faced with Cryptocurrencies. On March 26, 2014, the Financial Superintendence of Colombia (SFC) issued letter 029 of 2014 entitled: Risks of transactions carried out with virtual currencies, directed both to entities supervised by the Superintendency and to the general public [20], [21]. One of the arguments the entity explains in its document is supported by the Law 31 of 1992. It establishes that the peso is the only means of payment of legal means with unlimited liberating power, consequently, Bitcoin "is not an asset that has equivalence to the currency of legal tender in Colombia since it has not been recognized as a currency in the country [20], [22], also, the Law 964 of 2005 does not constitute cryptocurrencies as a concept of value [24]. The Bank of the Republic of Colombia supported the SFC and its circular issued on the subject, made a press release where it reported three considerations on the use of Bitcoin, these are: A. The only monetary and account unit in Colombia is the peso, consisting of bills and coins issued by the Bank of the Republic. B.. Bitcoin is not considered a legal currency in Colombia.. C.. Bitcoin cannot be considered a currency because it does not have the endorsement of the central banks of other countries [1], [23].. The intermediaries of the exchange market have not been authorized by the Bank of the Republic to issue or sell cryptocurrencies according to the External Regulatory Circular DCIN 83 (Chapter 10) and External Resolution 8 of 2000 [1] that limits them to transactions exclusively with the legal currency in Colombia and with the currencies allowed by the central banks of the other countries in the international scope..

(6) Asobancaria, which is the Association representing the Financial Sector in Colombia, through an email expressed that cryptocurrencies do not have an obvious benefit against fiduciary money and instead they carry a series of advantages and disadvantages [4]. In April 2018 the entity released a publication expressing its concern about the volatility of the value of cryptocurrencies in the market and the reasons for the risks they entail [25]. Finally, it should be noted that the Bank of the Republic of Colombia and the Superintendency of Finance in the second semester of 2018 have already started the work of researching studies regarding cryptoactives, but at the moment no pronouncement or contribution has been attributed to this topic.. 7. Fieldwork. As a fieldwork, a panel of experts is carried out, in which a series of proposals are exposed and subjected to an evaluation through a questionnaire using the Likert scale as a measuring instrument [26]. For the validation of the instrument the Cronbach Coefficient [27] that will be used which will be obtained using the following formulas: 𝑘. ∝= (𝑘−1) (1 −. 2 ∑𝑘 𝑖=1 𝑠𝑖. 𝑠𝑖2. ). (1). Where 𝑠𝑖2 is the variable of item i; 𝑠𝑡2 is the variable of the total values obtained and k is the number of questions or items. To obtain the average of the values obtained by question, the following formula is used: 𝑀𝑗 =. ∑𝑛 𝑖=1 𝑥𝑖𝑗 𝑛. ∀𝑗. (2). Where 𝑀𝑗 is the average of the question j; 𝑥𝑖𝑗 are the points of the expert i in the question j and n are the number of experts: Table 2. Characterization of the experts, own elaboration Profession Industrial Engineer, Specialists in Occupational Health and Hygiene, Master s Web Design and Direction, Phd. Computation, Economist, Phd. Economy Economist, PhD Economy Lawyer, PhD Sociology, Legal and Political Institutions Electrical Engineer, MA in Computer and Communitation Sciences. Years of Experience 10 10 18 7.

(7) System Engineering, Msc in Computer Systems Engineering. 5. Public Accountant, Specialist in International Audits, Statutory Auditor and International Standards of Financial Information. 20. Table 3 briefly summarizes the initial proposals suggested by the working group:. Table 3. Proposals for the treatment of cryptocurrencies in Colombia, own calculations. Proposals The government should regulate crypto actives in Colombia. The definition described in the proposal is coherent. The government can accept and ratify the definition proposed by the working group. Do you agree with the proposed actors and their characterization? Income taxes should be applied to operations carried out of an occasional rent to operations done with crypto active agents. Is it feasible to use tools that arise from the exploitation of Blockchain technology as a complement to the development of e-government in Colombia? Do you agree with the likelihood of generating smart contracts, which allow for greater control over the movements of Cryptocurrencies in the country?. Table 4 presents the results obtained on the proposals, taking into account each of the experts consulted. Table 4. Results of the questionnaire, own elaboration. Questions Survey. P1. P2. P3. P4. P5. P6. P7. Total. 1. 3. 4. 2. 2. 4. 4. 3. 22. 2. 4. 4. 3. 4. 4. 4. 4. 27. 3. 3. 2. 1. 2. 1. 1. 1. 11. 4. 3. 2. 2. 3. 4. 3. 3. 20.

(8) 5. 3. 1. 1. 1. 1. 3. 1. 11. 6. 4. 1. 2. 4. 3. 4. 3. 21. The result of the cronbach coefficient is: ∝ =0,9053. (3). Therefore, the measuring instrument is considered excellent. Then the average of the obtained values is calculated and the results are shown in table 5: Table 5. Average of the results by proposal, own elaboration Variable Mean. P1. P2. P3. P4. P5. P6. P7. 3,33 2,33 1,83 2,67 2,83 3,17 2,5. With the calculated mean it is allowed to prioritize the proposals according to the values obtained, table 6 shows the results obtained. Table 6. Prioritization of proposals, own preparation. Affirmation P1 P2 P3 P4 P5 P6 P7. Mean 3 2,1428 1,71428 2,42857 2,57142 2,85714 2,28571. Priority 1 6 7 4 3 2 5. Based on the results obtained, a series of contributions is proposed that are described in the following chapter. 7.1 Limitations Currently, Colombia government is investigating everything about to cryptocurrencies and how they work, for this reason, today, it cannot issue a clear position or communicate with other institutions that intend to collaborate in future research based on cryptocurrency technology such as Blockchain. This generates a limitation for the creation of communication and research channels to develop new tools that allow creating improvement policies for e-government from Colombia. The short number of individuals.

(9) specialized in this topic and filters to communicate with them generate a restriction in the research and reduce the sources to consultation about this topic.. 8. Future contributions and research. In Colombia, only a public warning has been generated about the risks involved in its use. The logical procedure is that, if this virtual currency is allowed, a regulation or protection protocol should be developed for individuals who wish to use them. As a first step, the concept of the cryptocurrency should be fully described in order to identify its object of use. Next, we propose the definition of cryptocurrency that is built based on the concept presented in the article "Necesaria regulación legal del Bitcoin en España" [17] and financial considerations disclosed by public entities: Cryptoactive: it is an asset of digital nature, as well as of private property, characterized by its non-fungible asset status and is part of the non-tangible assets of the owner [17], [22], [27]. In this concept, the crypto active is associated as an asset because "it is a resource controlled by an entity as a result of past events, from which the entity expects to obtain, in the future, future economic [29] and is not taken as an effective equivalent (highly liquid short-term investments that are easily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value [30] because the only currency of legal course in Colombia is the Colombian Peso, according to the Law 31 of 1992 [22] and in this way the conflict of the Crypto active for the Bank of the Republic is eliminated as a virtual currency. The crypto active is considered non-tangible heritage because in the course of its transaction [29] or exploitation generates a susceptible income for those actors involved and therefore modify their occasional earnings, which must be reported in their respective income declarations, this being an effect of a tax nature associated with the cryptoactive [28]. The concept applies to all virtual currencies and not only for Bitcoin, because although this is the most widely used crypto active nowadays, an error that can be committed by not covering all virtual currencies under the concept of cryptoactive is that to intervene exclusively Bitcoin, can promote its users to use other cryptoactives and therefore evade any imposed restriction. Once the definition has been proposed, the actors involved in a transaction with crypto actives continue to be described in Table 7, thus establishing a necessary pattern that aims to generate specific roles in the transaction process of the crypto actives in the Colombia´s foreign exchange market, with the objective that each entity, whether natural or legal, can observe which role fits the activities carried out in the transaction process, therefore, it can establish basic criteria for carrying out commercial activities with crypto active in the national market..

(10) Table 7. Actors involved in a transaction process with crypto actives, own elaboration Actor Administrator. User Exchanger. Description Legal entity contracted as a company to issue (put into circulation) a Crypto active and that also has the power to exchange (withdraw from circulation) the Crypto active [34]. Who gets a Crypto active to buy goods or services [34]. Legal entity contracted as a company for the exchange of Crypt oactives, funds or other real currencies [34].. Because of the evidence of an upward trend and companies such as Athena Bitcoin reporting their plans regarding the entry of more than 200 ATMs to the Latin American region, more specifically to the countries of Argentina, Mexico and Colombia [32] it is proposed develop a regulation to the percentages of commission obtained by private sector companies for the provision of services through ATMs to carry out transactions, whether bidirectional or unidirectional with the crypto active. This is proposed in order to prevent excessive limitation to which users may be subjected by private companies. Altogether, based on the contributions of the experts it is concluded that it is convenient to form an interdisciplinary group with the purpose of investigating and observing the potential use of the applications of the technology surrounding Cryptocurrencies and their relationship with e-government due to that this technology seems to be evolving towards a support infrastructure for the safe handling of documents that cannot be corrupted through the help of tools such as Smart contract, Proof of Existence [33] and the protection for voting suffrage, underlying Blockchain technology .. References 1. 2. 3. 4. 5.. Arango, C., Bernal, J.: Criptomonedas, Banco de la Republica – Colombia (27) pp. 1-27 (2016). Bech, M., Garratt, R.: Criptomonedas de bancos centrales. Informe Trimestral Del BPI 2017, pp. 1–20, BIS Quarterly Review, Switzerland (2017). Barber, S., Boyen, X., Shi, E., Uzun, E.: Bitter to Better — How to Make Bitcoin a Better Currency. Palo Alto Research Center . University of California, pp. 399–414 (2012). Sarmiento, J., Luis, J., Bautista, G.: Criptodivisas en el entorno global y su incidencia en Colombia. Revista Lebret 8, pp. 1–11 (2016). Palacios Cárdenas, Z., Vela Avellaneda, M., Tarazona Bermudez, G:. Bitcoin Como Alternativa Transversal De Intercambio Monetario En La Economía Digital. Redes de Ingeniería, 6(1), pp. 106-128 (2015)..

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