Colombia's New President Promises to Cut Taxes to Support Crypto & Blockchain Industry

Republic of Colombia is embracing the Blockchain technology and cryptocurrency industry, with Ivan Duque, a newly elected President promising to reduce taxes for the sector.

In his speech at the yearly International Congress on Information and Communication Technologies (ANDICOM), that took place last week, President Duque disclosed plans for the country to turn into the region's epitome in technology, especially in Blockchain tech and Cryptos. Duque went on to outline his administration's allegiance to loss cryptocurrency firms from rent taxes for half a decade, if at all they create a particular number of new jobs. 

Commitment to Explore Blockchain Usage 

Duque also declared his devoir to discover the use of Blockchain to batten major sectors of the economy like health, security and justice. He is again interested in the noumenon for Blockchain technology to check and control corruption by tracking how the public funds are used. 

“If we want to overcome corruption, technology can be instrumental. The Government must start by setting an example. We take it seriously, we want a modern Colombia,” Duque stated. 

The President added that a public-private partnership and effective regulation are needed to guarantee the implementation of his goals: 

“We have to define what type of regulator we want and move towards a single, modern regulator that understands the need for transversal innovation”. 

President Duque makes his remarks a few weeks after taking over all the responsibilities of president from his foreganger whose government seemed not to be very cryptocurrency-friendly. Duque has a strong concreted financial background, formerly having major positions in the Colombia's Ministry of Finance and Inter-American Development Bank. The President is also a forestanding technology enthusiast, regarding himself as "highly obsessed" with technology. 

The Combined Efforts 

President Duque isn't alone in his dream and great vision to turn Colombia into a technology hub in Latin America. In the month of June this year, Senator Antonio Navarro Wolff stressed that Blockchain technology "could change the lives" of many Colombian nationals and those living in this nation by enhancing the Colombia's voting system and public resource management. 

Furthermore, the country's private and public firms joined hands in May this year to create a Blockchain Association ready to prop Crypto and Blockchain and aid the government make best decisions concerning to its regulation.

An increasing list of countries have recently started to form a favorable conditions for the Blockchain technology and cryptocurrency industry. A leader among these is Malta, the "Blockchain Island" recently adopted a cryptocurrency-friendly legislation. Malta, the archipelago, has already allured very many giant Crypto exchanges such as Binance and OKEx.