The Colombian government has announced it will reassign the registry for .co and currently has a task force set up to investigate how to go about this.
The Ministerio de Comunicaciones (Ministry of Communications) has announced a four stage process beginning in May 2008 with the publication of a paper on the transition process. A new contract will be awarded between August and November for the operation of the registry with the transition to the new operator to be completed between April and July 2009. The process will culminate with launching registrations of .co domain names at the second level between February and May 2010.
To register your .co domain name now, check out America Registry at www.AmericaRegistry.com.