During the last couple of months, Bitcoin has been rapidly growing in terms of its popularity, which, in turn, also has had numerous effects on the way that governments perceive and regulate the cryptocurrency. While numerous countries have shown their support for Bitcoin, and begun measures such as eliminating taxation, or giving incentives to blockchain-based businesses, there are still regions which take the currency with a grain of salt.

With this aspect in mind, recent reports indicate that the Colombia Tax and Customs Office, recently announced that Bitcoin is taxable, regardless of the fact that not long ago, the Colombian Government has declared that Bitcoin isn’t even legal in their area of jurisdiction.

While Bitcoin has seen a massive growth in popularity in areas from all around the world, it seems like some Governments are still strongly against mass adoption and use of the digital currency. One such example is Columbia, which, according to recent reports, has just declared Bitcoin illegal, thus joining another handful of nations that have taken the same step.

The announcement was made at the beginning of 2017, by the main regulatory agency operating in Columbia, known by the name of Superintendency of Corporations. It seems like the action may have been taken to stop the growth of Ponzi-based investment clubs that operate via digital currencies. In fact, the operators of these investment clubs encourage people throughout the country to invest in bitcoin, and promise huge returns, yet this is not always the case, especially when investing in a Ponzi scheme- in fact, some of these schemes have gotten to the point of being hilarious, considering the fact that some promise a 100% return on the initial investment.