Colombia’s new budget rule over Bank holders pushing crypto adoption

The Colombian government is moving toward another controversial rule to use the funds of Bank holders. People see crypto as an alternative way. 

Last week, the officials of Colombia proposed a bill and was supported through a vote by the other senators. Under the budget for next year, under article 81 the central bank will use the funds of the bank holders in a situation when Bank account holders will remain inactive against their bank funds for more than one year. 

So under article 81

“The balances of the checking or savings accounts that have been inactive for more than one year and do not exceed the value equivalent to 322 UVR ($24.40), will be transferred by the holding financial entities… to finance appropriations of the General Budget of the Nation”

However, rules are not against the Bank holders in those situations if the Bank holder will file a request to get his money. If an inactive user will file a request to get funds back then he will get the whole fund with the interest rate. 

People sees crypto as an alternative instrument

Due to this rule, many experts claimed that the current decision for the next year’s budget is not in favour of the Bank holders. And there are huge chances that Bank users will move toward other options. 

Many experts believe that the current controversial rule under article 81 will force people to go with crypto and blockchain. People will try to go with StableCoins & flagship assets under such a situation to fight the government’s controversial laws & bills. 

Read also: Korean $40 Bassets managing firm plans to invest in Bitcoin