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Colombia Considering Digital Currency and Cash Transaction Limits to Reduce Tax Evasion

|Proposed Changes|Colombia
Colombia

The Colombian government is considering the introduction of a digital currency to facilitate transactions and reduce tax evasion. The introduction of a digital currency was recently announced by Commissioner General of the National Tax Authority (DIAN), Luis Carlos Reyes in an interview with a local magazine, Semana. According to Reyes, the introduction of digital currency would help reduce opportunities for tax evasion inherent in cash transactions, which may not be recorded. With the intro…

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