President Ivan Duque has confessed his love for blockchain and Cryptocurrencies and has promised to lead the country in adopting these important innovations. The new Colombian president has revealed that he is determined to make the country a technology leader in the region. The government has already set up INNOVA group to understand more about new technology. Malta has emerged as a major hub for Cryptocurrency and blockchain businesses due to its Crypto-friendly policies and Colombia has a lot to learn from the small island nation.
President Duque To Make Colombia A Technology Center
Colombia will not be left behind in the adoption of Cryptocurrency and blockchain as the new technologies become more popular. During a recent ANDICOM conference, President Duque confessed his love for the new technologies and more officials in his government have already shown an interest in the same. Duque, who became president after winning the June 27 run-off elections, is determined to make the country attractive to Crypto-based companies.
During ANDICOM, an annual conference held in Colombia, the president made several comments in support of the new technology. The president has a strong financial background. He has worked with various renowned global financial institutions such as the Inter-American Development Bank. In a statement issued in June this year, Senator Antonio Navarro Wolff indicated how Blockchain could be used to improve the lives of the local people, especially when used in the country’s electoral system and public fund management.
To attract more tech firms to the country, the government has announced major incentives for information and communication technologies based companies. Upon creating a given number of jobs, such businesses will enjoy tax exemption in their first five years of operation. It is widely viewed that crypto and Blockchain-based companies fall into this category.
The New Technology to Help War on Corruption
According to President Ivan Duque, the latest technologies such as Blockchain can play a vital role in the fight against corruption in the country. El Tiempo, a local news outlet quoted the president saying the incorporation of such technologies in the government can eradicate corruption and mismanagement of public funds by keeping people informed about public funds.
Malta Has Made Major Progress
It’s no secret that Malta has made its name as far as Cryptocurrencies and Blockchain technology are concerned. The small island nation has become among the few countries that have embraced the new technologies with both hands. Consequently, more blockchain-based companies have relocated to the country. In July this year, the country’s parliament passed three important bills that are believed to have made the country the first one to establish “legal certainty” for the virtual currencies.
More countries have seen the potential of blockchain and Cryptocurrency. Therefore, they are determined to put policies in place to attract more companies in the field. The new technologies are expected to provide more employment opportunities in countries where they will be allowed to operate. Moreover, citizens of such countries are expected to enjoy the benefits associated with the innovations.
Recently, the Colombian government established INNOVA group to explore more about Blockchain technology. Specifically, the group will educate the government about the technology and assist it to know how it should protect citizens that participate in it. Although most people have hailed the new president for his interest in innovation, business, and technology, there are fears his lack of political experience could adversely affect peace in the country.