Money in the digital era global and colombian perspectives on cryptocurrency adoption

The emergence of cryptocurrencies has reshaped the traditional monetary dynamics and sovereignty of states, sparking academic and regulatory debate about their legal nature and economic implications. This system, based on blockchain technology and cryptography, offers new opportunities for innovation and efficiency in payment solutions, but also generates risks associated with volatility and the loss of control by states. The adoption of cryptocurrencies has taken opposing sides: flexible regulations that promote innovation, and restrictive positions that prioritize the stability of the financial and monetary system. In Colombia, cryptocurrencies are an emerging topic as their legal acceptance faces resistance due to the constant tension between promoting digital innovation and maintaining legal certainty and monetary order under the leadership of a single entity: the Central Bank. Hence, there are still conceptual and regulatory gaps that need to be addressed to define the role of cryptocurrencies in the legal and financial system.