Following the example of Malta, Colombia warmly welcomes the company of the blockchain and cryptocurrency

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Following the example of Malta, Colombia warmly welcomes the company of the blockchain and cryptocurrency

The groundswell of support for cryptocurrency swept through several countries. The most outstanding example of the kind of Malta that drew the attention of the largest cryptocurrency projects, thanks to which he gained a reputation as the “island of the blockchain”.

Recently, according to the website of AMB Crypto, the President of Colombia, Ivan Duque announced support for the cryptocurrency at the International Congress on information and communication technologies. He invited all cryptocurrency company to engage in business. The Colombian President also promised that within five years of the cryptocurrency firms operating in Colombia, will be exempt from income tax. Duque said he wants to see a large company as “serious players” in the cryptocurrency sector. He added that in exchange for the tax exemption, these firms have to “create a certain number of jobs.”

The President believes that the blockchain technology should help in addressing the problem of corruption in the country. It could also improve areas such as law, medicine and safety.

The user of the website Reddit Debl said:

“It’s very strange. I’m Colombian, and I know that the Colombian government is VERY corrupt and sold to the United States. We will see how it works, and will he do what he says.He promised certain things before he became President, and now he goes the opposite way (e.g., increases taxes, while the promised to reduce them)”.

Another regular Redditor Dirty— Dusty said

“In a few years when I sell here, I will give up my American citizenship. I already have citizenship of Colombia and Honduras, so if I don’t have to pay income taxes, then my first choice is Columbia. I’ll stay in her until you decide what country you want to move permanently.”

Ollice420 wrote:

“..As long as they are on you will not be angry, or they’ll want your money then they will freeze your account and appropriated funds. Do not trust Central or South American governments.”

Recently, private and public companies in the country jointly set up a new Association of the blockchain in order to support blockchain technology and cryptocurrency, and to help the government develop a legislative framework of their turnover.

Even during the debate in the Senate, Senator Navarro Wolff said that the technology can change the lives of Colombians, being embedded in the economy, politics and administration.

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