Colombia: Who Bears Final Responsibility and Liability

Colombia is in the midst of developing regulatory framework around smart contracts and blockchain, but as of yet there is no clear rule for responsibility/liability regarding smart contracts.

Carlos Mesa, director of the Bitcoin Colombia Foundation, said that the country is lagging behind in regulations, while other jurisdictions are moving in the direction of regulation of the issue. “The Superintendence and the Bank of the Republic have stated that it is not illegal for people to invest in these vehicles, but with the warning that they are not admitted as currency, that they do not serve as support for a loan, and that each investor assumes the risk of doing so; this has been done to avoid that in case of possible losses the State is sued, but in reality we are in a gray area and it is necessary to define aspects as has happened in other countries, “Mesa said.


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