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Colombian government will take money from bank accounts that have been unused for more than a year

The problem of centralized money. According to the recently approved Colombian budget law for next year, bank accounts that have less than 92,000 pesos (just over USD 20) and have not been used for more than a year, may be taken over by the Government.

This is denoted by Article 81 of the budget, approved two days ago by the Colombian House of Representatives. It is a project sent directly from the Presidency of the Republic and was quickly accepted by New Granada congressmen.

In detail, the article indicates:

The balances of the checking or savings accounts that have been inactive for a period greater than one year and do not exceed the value equivalent to 322 UVR (or 92,000 Colombian pesos), will be transferred by the holding financial entities, on a mutual basis to the Nation – Ministry of Finance and Public Credit – General Directorate of Public Credit and National Treasury, in order to finance appropriations of the General Budget of the Nation.

General Budget Law of the Nation, Colombia.

In In other words, the State can keep the money accumulated in an account, under the criterion that will be used for the general budget of the nation.

However, something that the article also details is that l The owners of these accounts may request that the money taken be returned, with interest if necessary, but all in case can prove to be the owners.

This is how they put it:

When the holder of the deposit requests the activation or cancellation of the inactive balance before the financial entity, the General Directorate of Public Credit and National Treasury will reimburse the lender the corresponding amount with the respective yields, in accordance with the interests that the deposit accrued in the financial entity as an inactive account, in accordance with current provisions.

General Budget Law of the Nation, Colombia.

A budget approved “lightly”

According to the local press, of the 139 articles of the General Budget of the Nation, at least 102 were approved in the Chamber “in one of the fastest votes in memory” in that sense.

For some congressmen, the budget was approved lightly and without further analysis to initiatives that could generate controversy, such as the one already mentioned.

In more detail, the budget designed by the government of Iván Duque for the year 2022, stipulates a little more than 350 billion pesos, an increase of 5.3% compared to the current year. As clarified, almost 60% of that money will be used in operating expenses, little more than 20% for the payment of debt service and the remaining 20% ​​for investment, review Pulzo.

Article 81 of the General Budget Law of the Nation. Source: Government of Colombia / funcionpublica.gov.co

Cryptocurrencies, an escape?

The Colombian budget law, although it puts many of the banked premises that have their savings stored in bank accounts; it also serves to show the benefits and strengths of decentralization. The cryptocurrency precept.

In Colombia, that is, the emerging market is not something unknown. In fact, a survey by the Sherlock agency revealed that 52% of New Granada viewed El Salvador’s Bitcoin Law favorably.

And, furthermore, that country is a fixed target for the ecosystem. For example, this week the arrival of the OSL exchange was news, which will allow to operate without any kind of commission in countries such as Argentina, Mexico and, of course, Colombia, at least until the end of the year.

Even in that country even financial institutions have kept some kind of relationship with the ecosystem. It is to remember the sandbox ( sandbox ), where banks and exchanges converge, operating jointly. It is a project where companies that offer services with cryptocurrencies that work in that country, or want to work, must go hand in hand with an entity supervised by the Financial Superintendence (Superfinanciera).


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