510: Cryptolombia? Digital currencies in Colombia and Latin America

510: Cryptolombia? Digital currencies in Colombia and Latin America

This week, Emily Hart is setting out into the Wild West of cryptocurrencies here in Colombia and beyond.

Is cryptocurrency the future of finance in Latin America? Is it safe? Is it just another way for rich people to hide their wealth from the tax man? Or for criminals to launder income? Or could it be a way for people to take banking into their own hands, a way for all of us to take control from a global system of banking we have so little say in?

To explain all of that, we have on the show today Mat Di Salvo, Colombia-based correspondent covering crypto since 2019 for Decrypt, and two experts from Global Financial Integrity, a Washington DC-based think tank focused on illicit financial flows, corruption, and money laundering. Claudia Helms is the Director of the Latin America and Caribbean Program at GFI, having worked at the Organization of American States; And formerly at the UN, Claudia Marcela Hernández works as Policy Analyst for Central America in Global Financial Integrity.

By early 2020, the region had 15.8% of the total volume of bitcoins worldwide, and it has grown exponentially since then. Last year, Mexico, Brazil, and Argentina were in the top 20 for global adoption – Colombia was 32nd in the world. Venezuela was 40th.

Looking at crypto in any country requires a close look at the context, unique in every case: this region is turning to digital and virtual currencies for many different reasons, using it to send remittances, invest, and save – especially important in countries that have unstable governments, high inflation, or low levels of trust in institutions.

Here in Latin America, levels of poverty and informal employment might create barriers to usage, while technological and educational gaps create unique challenges for users, especially when a new digital revolution of cryptocurrencies and virtual assets arrives without adequate regulation, government oversight, or consumer awareness – particularly around scams and security. This is why GFI started https://criptoabierto.com/ - a set of resources around crypto in Latin America designed for users and policy-makers alike.

Basically, regulation of cryptocurrencies in the region does not adequately match its current usage and adoption. Colombia has yet to adopt legal framework, despite a growing number of users, but there is movement around this issue and various institutions have released commentary on it, and President Gustavo Petro has expressed interest in encouraging crypto usage - and mining - in the country.

Thanks to the anonymous nature of this universe, it’s difficult to get accurate data on exactly who is using crypto and what for, and though it’s certainly not only criminals using these currencies and assets, they have high potential for money laundering and channelling illicit flows of money, from stolen funds and fraud to payments for illegal goods and funding of terrorist groups.

We’ll be talking about the opportunities and risks associated with cryptocurrencies, how their form and use are evolving, plus how (and why) cryptocurrencies can and should be regulated.

The Colombia Briefing is also reported by Emily Hart – to get it direct to your inbox or email, you can subscribe to the Colombia Briefing via her Substack substack.com/@ehart or subscribe to the podcast’s Patreon.

Episoder(100)

492: Made of Space Dust

492: Made of Space Dust

Colombia's leading astronomer, Dr Paola Pinilla, joins us to talk about planet formation, space technology, and diversity in the field of astronomy. We’ll be chatting about the knowledge and inspiration which arrives from outer space, how Paola's childhood in Bogotá led her across the world and into the depths of the universe, and the incredible elements we are all made of – Space Dust. Paola's work focuses on how planets are born – the first steps of planet formation, growing from dust to entire planets – ranging from vast uninhabitable masses to planets just like the one you and I live on. As well as having won a fellowship from NASA, earlier this year Paola won one of the world’s most prestigious awards The New Horizons Prize - known as the Oscars of Science - for her ground-breaking work at the Mullard Space Lab at UCL University College London. The Colombia News Brief is reported by Grace Brennan.

24 Okt 202342min

491: LaWayra: Authentic Ancestral Medicine Retreat in Colombia

491: LaWayra: Authentic Ancestral Medicine Retreat in Colombia

On this week's Colombia Calling podcast, we welcome back Sam Believ to discuss the growth and success of his Ayahuasca (Yage) retreat in the heart of the Colombian countryside. Since we last spoke, about a year and a half ago, Sam's retreat has gone from success to success, growing and becoming one of the reference points for Ayahuasca ceremonies in Colombia. Sam says: "We combine authentic and pure medicine, strong shamans from long lineage (Taitas), amazing environment (set and setting), caring integration with best prices. "We don’t just give you medicine, but we provide solid integration that will allow you to turn your ayahuasca experience into long lasting positive change in your life!" Check out their website at: https://ayahuascaincolombia.com and their highly rated podcast: https://open.spotify.com/show/3l0nacwTcCCzvtyXowA9t7?si=fda19a74d2244629 The Colombia News Brief is reported by journalist Emily Hart.

17 Okt 20231h

490: Better than Cocaine: Learning to grow coffee, and live, in Colombia

490: Better than Cocaine: Learning to grow coffee, and live, in Colombia

It's time to start dispelling some myths about Colombia and celebrate the work of an author, embedded in the coffee region, and seizing the opportunity to immerse himself in life here with total gusto. For years, Barry Max Wills has been honing his work of non-fiction, "Better than Cocaine: learning to grow coffee, and live, in Colombia," and we now have the finished product. What is a charming observation and reflection of life "in the bush" as he puts it (he's Australian), is now available to buy and read as an e-book and will be out as a paperback and launched on 30 November 2023. We discuss life in Colombia, being an immigrant and not an expat, writing and life in Colombia, our adopted homeland. “You’ve bought what?’ ‘A plantation in Colombia.’ ‘Whatever for, darling? You’re not going to go off and live there, are you?’ ‘No. Well, not now, anyway.’ ‘And what are you going to grow? Cocaine?” The book is by indie publisher Fuller Vigil: www.fullervigil.com and available right now on Amazon as a kindle ebook: https://www.amazon.com/dp/B0CKH2SG48 The Colombia News Brief is reported by journalist Emily Hart.

10 Okt 20231h 3min

489: A Day in the Life of a Bogotá City Councillor

489: A Day in the Life of a Bogotá City Councillor

On this week's episode, we discuss what it means to be a Bogotá City Councillor. Diego Laserna is a member of the Concejo de Bogotá for the Partido Alianza Verde and is up for re-election on 29 October. Laserna tells us about the day to day work, issues of security and transport in Bogotá, about the mayoral candidates running for election (Galan, Oviedo, Bolivar, Lara, Robledo and Molano) and his thoughts on the outgoing Mayor, Claudia López and indeed of President Gustavo Petro. What have been Laserna's successes over the past four years? What does he hope to do in the next four years? Tune in to hear about A Day in the Life of a Bogotá City Councillor. Check out Diego Laserna on social media @lasernabogota. And tune in for the Colombia News Brief reported by journalist Emily Hart.

3 Okt 202359min

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