New Crypto Hub on the Horizon? Colombia President Pledges to Support Industry with Tax Relief

Posted by On 10:41 AM

New Crypto Hub on the Horizon? Colombia President Pledges to Support Industry with Tax Relief

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Colombia is extending a welcoming hand to the blockchain and cryptocurrency space, with newly-elected president Ivan Duque pledging to cut taxes for the industry.

In an opening speech at the annual International Congress on Information and Communic ation Technologies (ANDICOM), held last week, Duque revealed plans for Colombia to become the region’s leader in technology, including blockchain and cryptocurrencies. He further outlined his administration’s commitment to relieve crypto companies from rent taxes for a period of up to five years, provided they generate a certain number of new jobs.

Duque further declared his commitment to explore the use of blockchain technology to improve key sectors of the economy such as security, justice and health. The president is also interested in the potential for blockchain to curb corruption by tracking the use of public funds.

“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.

He added that a public-private partnership and proper regulation are required to ensure 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”.

Duque’s remarks come just a few weeks after he took over the responsibilities of president from his predecessor whose government was not very crypto-friendly. The politician has a strong financial background, previously holding significant positions in the country’s Ministry of Finance and Inter-American Development Bank. He is also a prominent tech enthusiast, describing himself as “obsessed” with technology.

Duque is not alone in his vision to make Colombia a tech hub in Latin America. In June, Senator Antonio Navarro Wolff mentioned that blockchain “could change the lives” of Colombian citizens by improving the country’s voting system and public resource management.

In addition, Colombia’s private and public companies joined forces in May to form a blockchain associati on in order to support cryptocurrency and blockchain technology and help the government make decisions related to its regulation.

A growing list of nations have recently begun to create a favorable environment for the crypto and blockchain industry. Chief among these is Malta. Living up to its nickname, the “Blockchain Island” has recently adopted a crypto-friendly legislation. The archipelago has already attracted several large cryptocurrency exchanges, including two of the biggest platforms by trading volume - Binance and OKEx.

Source: Google News Colombia | Netizen 24 Colombia

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