Colombia’s Central Bank, the Banco Central de Colombia, has reportedly released a statement relating to bitcoin. In that statement, the Central Bank declares that bitcoin is not a currency, nor is it legal tender in the South American country, according to El Espectador.
The Bank’s statement fortified that the single monetary unit of Colombia is the peso and that bitcoin isn’t considered a currency because it is, by nature, not backed by a central banking authority.
Last week, the country’s Financial Supervisory Authority released a statement that listed risks associated with the digital currencies. It did not, as speculated they might, ban the use of bitcoin or its alt-coin cousins.
Still, the digital currency world in Colombia keeps on turning. While the Central Bank may not officially recognize bitcoin as a currency or support its use, that isn’t stopping enthusiasts and businesses from transacting it.
Additional reading: CoinDesk