Colombia Congressman Pushing to Regulate Crypto Law; Bitcoin Gambling to Follow Soon?

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Colombia is widely known around the world as the land of drugs, kingpins, cartels, violence, and unlawfulness. Thanks to public figures such as the late drug kingpin Pablo Escobar, it is seen in a pretty negative light by many. However, what people often miss is the fact that it’s the third most important FinTech country in South America and a booming market for online gambling as well.

When it comes to cryptocurrencies, the market is not quite legal. Those who trade Bitcoin are not legally protected in the country. The online gambling market is really booming since its regulation in 2016, yet crypto owners can’t use their hard-mined Bitcoins to play casino games. That may all change soon thanks to the efforts of one congressman.

Slowly Moving Toward Crypto-Friendly Regulations

In 2018, a new breed of lawmakers came forward with a proposal known as Bill 028 which tried to regulate the growing cryptocurrency market. It proposed a set of rules that would legalize Bitcoin trading, yet was shot down by the government amidst fears of illegal pyramid schemes and other scams. This left the cryptocurrency market in murky territory, unlike the online gambling market which is thriving in the South American country.

Online gambling in Colombia was regulated in 2016, with the first licenses issued in early 2017. Since then, money has been pouring in – the thriving market grew 63% in the first half of 2019 and projections propose even bigger numbers to follow soon. However, the industry is held back by the lack of cryptocurrency regulation. If the country moves to regulate the crypto market, gambling with Bitcoins could become a reality in Colombia and with it, even more money will start flowing.

A large number of Colombians believe that it’s high time for the government to regulate Bitcoin and cryptocurrency trading and enjoy the benefits they offer. Thanks to the efforts of Mauricio Toro, that might happen soon.

Paving the Way for Bitcoin Casinos

Congressman Mauricio Toro from the Green Alliance party knows how beneficial Bitcoin could be to Colombia’s economy. He has voiced his opinion on clarifying the laws on crypto trading more than once. Now, he’s taking a step further by proposing a new legislation (Bill 097 of 2019) which could finally make Colombia a regulated crypto market.

The congressman is already in advanced talks with a number of government agencies to make that happen. Still, he says that fear holds the financial apparatus back since Bitcoin has been associated with terrorism and money laundering. Regulating the crypto market could finally help government officials overcome this fear with Colombia left to reap the rewards.

Many experts believe that the bill might pass soon and will pave the way for Bitcoin casinos soon. Since the online gambling market is on the rise, adding cryptocurrencies as digital payment methods could further hasten its expansion. If the Colombian market opens up to Bitcoin, it will be another shining example of how cryptocurrencies can support a country’s economy.