In July 2024, Colombia's central bank concluded there are no reasons to issue a retail CBDC in the short term, stating plainly "por ahora no hay razones que justifiquen la emisión de una MDBC minorista en Colombia" ("for now there are no reasons that justify issuing a retail CBDC in Colombia").

At the same time, the private sector moved ahead: Bancolombia’s Wenia tapped Chainlink PoR to provide on-chain proof of reserves for its COPW stablecoin.

This split reflects a broader policy calculus. Regulators are prioritizing financial stability, legal readiness, and upgrades to domestic rails like instant payments over launching a CBDC right now.

Enter stablecoins: with verifiable reserve disclosures and bank participation, they promise faster settlement and more transparent flows—illustrated by COPW’s move to on-chain proof of reserves.

This article breaks down why the central bank pressed pause and how Colombia’s stablecoin market is filling the gap—so you can navigate what comes next with clarity.

Why the Central Bank Shelved a Digital Peso Now

By January 2025, Banco de la República was explicit: there were currently no reasons to issue a digital peso in the short term. Independent analysis of the bank’s work had already suggested the macroeconomic payoff would be likely negligible.

Under the hood, the bank’s technical review emphasized the disintermediation risk of a retail CBDC—households and firms could shift deposits out of banks in Colombia into central-bank money during stress—raising funding and stability concerns. Crucially, the same policy goals could be advanced by upgrading domestic rails, particularly instant payments, which the bank notes can reduce reliance on cash without introducing new systemic risks.

Operational and legal overhauls required to stand up a CBDC also weighed heavily in the cost-benefit analysis. With uncertain welfare gains compared to existing improvements in the payment system, the bank judged that a digital peso would not outperform near-term alternatives or justify the transition burden right now.

This is a pause, not an ending. The central bank continues research and, as outside coverage underscores, has not a final decision on whether to issue a CBDC if conditions or technologies materially change.

Bottom line: Colombia’s policymakers see more impact today from strengthening real-time rails than from launching a retail CBDC amid unresolved stability and implementation risks.

Key Takeaways:

  • The central bank found a retail CBDC could accelerate deposit flight in stress, elevating financial-stability risks.
  • Upgrading domestic payment rails—especially instant transfers—can meet inclusion and efficiency goals with fewer downsides.
  • The decision is iterative: authorities are still researching CBDC design while prioritizing practical improvements to existing infrastructure.

Private Stablecoins Fill the Gap Across Colombia

Latin America's crypto users are voting for stability: so what is a stablecoin in practice? Stable currencies already account for 31% of purchases, signaling real demand for predictable value over volatility. In Colombia, that demand is being met by private, peso-linked stablecoins rather than a state-issued CBDC.

Bancolombia’s digital-asset arm, Wenia, has introduced COPW, a Colombian-peso stablecoin, and paired it with Chainlink Proof of Reserve so users can audit backing on-chain. The bank also discloses that COPW is indexed 1:1 to the COP and offered within Wenia’s product suite, where clients can buy, sell, convert, receive, and send digital assets. The result is a bank-grade token that feels familiar to mainstream users but settles at crypto speed.

Outside traditional banks, community pilots are widening access. The CeloColombia DAO reports a strong focus on financial inclusion and cCOP adoption, with over five businesses already accepting cCOP in early merchant trials. These grassroots efforts show how lighter, mobile-first payments digital rails can reach micro-merchants and users who are underserved by legacy systems.

Taken together, bank-issued and community-led models are converging on the same trust levers: verifiable reserves and clear redemption mechanics. Transparency frameworks like Proof of Reserve aim to reduce opacity, while issuer disclosures and product design make stablecoins usable for everyday spending and transfers.

The takeaway: even without a digital peso, Colombians can save, send, and settle in fiat-linked tokens while the market iterates toward models that fit local needs.

Key Takeaways:

  • Private stablecoins are addressing real user demand for price-stable value and fast settlement in Colombia.
  • Bank-backed COPW combines on-chain transparency and fiat indexing to make stablecoins feel familiar to mainstream users.
  • Community pilots like cCOP are expanding inclusion by bringing stable payments to smaller merchants and everyday scenarios.

New Reporting Rules Reshape Crypto Compliance In 2026

Colombia's tax authority finalized stablecoin regulation and broader crypto rules in late 2025 that require crypto service providers to submit annual electronic reporting of cryptoasset transactions starting in 2026. The framework aligns Colombia with the OECD's Crypto-Asset Reporting Framework, marking one of Latin America's earliest comprehensive moves on digital-asset tax transparency.

The regulation stems from DIAN's Chapter 11 addition to its reporting rules, focused on "Intercambio de Información de Proveedores de Servicios de Criptoactivos." Under the new framework, exchanges and custodial platforms operating in or serving Colombian users must collect and transmit detailed user and transaction data to the tax authority in standardized XML format.

The policy intent is clear: improve traceability of crypto operations and prevent tax evasion. Providers will need to report client identification details, transaction types, volumes, and valuations for each taxable year, with first filings due according to DIAN's 2026 calendar.

This puts Colombia ahead of many regional peers in formalizing crypto tax infrastructure, though it also raises compliance costs for smaller players. The rules give DIAN visibility into previously opaque flows and set the stage for cross-border information sharing as CARF adoption spreads globally.

For builders and users—including those in the fintech industry—the message is straightforward: operating in Colombia's crypto market now comes with clear data-reporting obligations that mirror global standards.

Key Takeaways:

  • DIAN's Resolution 000240 requires crypto service providers to submit annual reports on user transactions starting in 2026, aligning with OECD's CARF.
  • Exchanges and custodial platforms must transmit detailed client IDs, transaction types, and valuations in standardized XML format to the tax authority.
  • Colombia's early adoption positions it as a regional leader in crypto tax transparency—and a model for international payment solutions—while raising the compliance bar for domestic and foreign-serving providers.

Opportunities And Risks For Builders, Banks, And Regulators

Colombia’s crypto market now has a clear operating baseline: for the 2026 and following tax years, Resolution 000240 requires crypto service providers to submit standardized information to DIAN. That turns “trust” from a marketing promise into a build-time requirement across data, controls, and disclosures.

At the policy layer, builders should read the central bank’s stance as a signal to design within guardrails rather than wait for a public-sector coin. Banco de la República sees no short-term case for a CBDC and prioritizes strengthening immediate payments, while warning of operational and reputational risks if digital money is launched without clear benefits. For banks, that translates into a product calculus: pursue stablecoin opportunities—among the top stablecoins use cases emerging in the region—that preserve confidence and funding resilience, especially under stress.

Practically, teams can de-risk roadmaps by hardwiring governance and user protections that regulators already expect elsewhere. The BIS highlights measures such as robust redemption rights, conservative reserve management, clear licensing, and rigorous AML/CFT. Map those controls to DIAN’s reporting scope so your data model, pricing, and wallet UX all reflect the same truth set regulators will review.

Trust mechanics matter just as much as compliance plumbing. Bancolombia’s Wenia has leaned on onchain Proof of Reserve to make backing verifiable in real time, a “stepping stone” to mainstream confidence. On the reporting side, expect tight remediation timelines: when DIAN requests fixes, providers have 30 days to correct submissions.

Teams that align product design with supervisory expectations—credible reserves, clean data, and user protections—can move faster, attract institutional partners, and scale with fewer regulatory surprises.

Key Takeaways:

  • Compliance is now a product feature: DIAN’s regime makes standardized reporting and traceability core to go-to-market.
  • Risk controls and user protections from BIS guidance—like redemption, reserves, and AML/CFT—are the blueprint for bank‑grade stablecoins.
  • Transparent backing and rapid correction workflows help earn regulator trust and user confidence simultaneously.

Put Colombia's Stablecoin Momentum to Work for Your Payroll

As Colombia's private sector leads the charge on stable digital payments—while regulators take a measured approach to CBDCs—workers and companies don't have to wait on the sidelines. Bitwage already enables teams across Latin America and nearly 200 countries to receive wages in stablecoins, Bitcoin, or local currency, offering cross-border payments with same-day settlement and full compliance baked in. Whether you're a remote professional in Bogotá seeking dollar-pegged stability or a company building a global workforce, the infrastructure exists today to pay and get paid on your terms—no central bank pilot required.

With over $400 million processed for 90,000+ workers and 4,500+ companies worldwide, Bitwage delivers the transparency, speed, and regulatory alignment that Colombia's evolving crypto landscape demands. As DIAN's new reporting rules raise the compliance bar, partnering with a platform built for global standards means fewer surprises and faster scaling. Sign up for stablecoin payroll today and start accessing the benefits of digital-asset payments before your competitors do—demand for compliant crypto payroll is accelerating, and early movers gain the edge.