Impact of Blockchain technologies, cryptocurrencies regulation, and ICOs in developing countries. Case applied to Colombia.

In this document, the DELPHI approach is deployed to investigate the impact of blockchain technology, ICOs, and cryptocurrency regulation in Colombia and developing countries. These new technologies have already developed dynamics in recent years, which will be analyzed and discussed through this document to define the role of the State and its companies and investors in the medium and long term concerning adopting these technologies as impact tools. Similar research by authors in the Colombian context is analyzed, as well as the main applied comparative advantages of blockchain technologies and tokenization focused on companies. These technologies' globalized capacity and peer-to-peer advantages in terms of security, traceability, and speed are essential for an economy that wants to increase its reach and productive capacity. The Delphi methodology was chosen for this research, given its nature as a systematic and interactive prediction method, in which a group of experts on the subject from different guilds, who were highly informed about the situation of blockchain and cryptocurrencies in developing countries, visualize the needs and outlook. The thesis results depict that Colombia and developing economies must take an active role in incorporating these technologies. However, future adoptions in large sectors have been slowed due to low institutional efforts, technological educational gap in government institutions, and symptoms of corruption. Furthermore, due to this informal institutional situation, the industry in the country has yet to reach its prime to attract and manage foreign investors or industry developers to increase national offers and generate more users of cryptocurrencies and ICOs. Experts are not optimistic in the medium term, given the slow legislation process that addresses the regulatory framework for crypto assets in the country. For them, this reduces the advantages of these technologies' potential and scalable benefits in the economic sectors they consider the most fertile for innovations and investment in Colombia: Artistic and cultural activities, finance services, and real estate. Nevertheless, they are convinced that Blockchain, Cryptocurrencies, and Initial Coin Offerings (ICOs) will have an inevitable impact and significant innovative change on the industries regardless of regulation because, in the end, there will be educative cooperation between legislators, regulators, and entrepreneurs to understand, use and create value correctly with this disruptive technology and contribute to the development of the country.