The Colombian Superintendency of Corporations Changed its Posture Regarding Cryptocurrencies
Cryptocurrencies transformed the traditional scheme of commerce as a disruptive innovation to economic operators. Faced with this phenomenon, the Colombian Superintendency of Corporations, following the Bank of the Republic’s opinion, has always emphasized the impossibility of executing commercial operations with them.
Previously, in an opinion issued in August 2020 the Colombian administrative authority sustained the illegality of making capital contributions to corporations with cryptocurrencies. The reasonings were the enforced circulation of cash and the Colombian peso as only legal tender in the country.
Nevertheless, this changed. In a legal opinion of December 2020, the Colombian Superintendency of Corporations stated that is indeed possible to make capital contributions to corporations with cryptocurrencies. This taking into account that commercial law allows shareholders to make capital contributions with assets other than cash.
Therefore, cryptocurrencies can now be used to make capital contributions to corporations, as long as, they are understood as assets with an economic value fixed by an appraisal approved by the partners, shareholders or the board of directors.
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