Colombia Government shows interest in Blockchain and Cryptocurrency

After the huge success of cryptocurrencies in island’s like Malta, Colombia or also popularly known as the Republic of Colombia has shown great interest in cryptocurrency and its underlying technology blockchain.

Geographically Colombia is a small country situated in the northern tip of South America, but with the emergence of technology advancement, it is soon to become a popular place for crypto enthusiasts.

As recently reported by the local news media the President Iván Duque is keen on reforming the country towards crypto advancements and become next technology leader in the region. In this direction, he is planning to roll out a flexible regulatory framework to promote these connections in the country.

Coming from a financial background Duque believes that technologies like blockchain are instrumental in shaping the country’s future and curb the corruption level. He further elaborated on this by stating that,

“If we want to overcome corruption, technology can be instrumental and proposed tools such as blockchain and artificial intelligence to track public funds and detect anomalies in the management of resources”

He went on to explain that the government should come forward in creating modern regulations to tackle these issues effectively. In the purview of these few officials or precisely called as ICT  are chosen who will directly work in association with President to address the digital society issues.

Also, he made an important announcement that companies in the information sector would be excluded from taxes for the first five years if they are able to generate a specific number of jobs. This mandate would presumably apply to crypto and blockchain-related companies.

Opinion from Other Political leaders

With all these reforms planned by President Duque, the citizens of the Colombia nation perceive this as a great shift in the country’s economy. But there are few leaders who claim that his lack of political experience might prevent in maintaining a peaceful relationship with FARC force and perhaps might put the nation in turmoil.

Interestingly, there are leaders who are also going in the direction of technological advancements such as Senator Antonio Navarro Wolff. He recently made a statement regarding the impact of blockchain in systems like voting sector and public resource management.

Also, it’s noteworthy to mention about the INNOVA group established by the Colombia government to explore more on blockchain and its effect on security-related issues for public usage.

What do you think of this modernization by Colombia? Let us know your thoughts in the comments section below