So far it hasn't happened but it could at any time because each country OWN their two character top level domain name.
Unless you pay the hundreds of thousands or millions to get your own top level domain you can only ever lease a sub-domain from the owner. If Columbia decided to stop leasing something.co then they are entitled to do that as they own .co and you are only leasing something.co - it is the furthest thing possible from stealing - you complaining and forcing them to continue to make it available after they decided they wanted to work things differently would be much closer to stealing.
Everything ending in .co belongs to Columbia and they can place whatever restrictions on how those domains are used that they like. They are only making it available internationally now because they don't have a big enough need to use it locally.
Other countries already apply restrictions on how their domains are used - in Australia the domain authority specified second level domains and restricts who can lease domains in each second level for example to get a .com.au or .net.au you must have a business registered in Australia.