After Malta, Colombia welcomes cryptocurrency and blockchain technology firms

Cryptocurrency has been getting a wave of support from several countries. The most notable one being Malta, which drew the attention of all the biggest cryptocurrency firms in the world. This was followed by CZ, the CEO of Binance, the biggest cryptocurrency exchange platform in the world in terms of trade volume, announcing that they will be setting-up their operations in the country. This resulted in Malta becoming the ‘Blockchain island’.

Recently, the President of Colombia, Ivan Duque, announced his support towards cryptocurrencies at the International Congress on Information and Communication Technologies. He has invited all the cryptocurrency firms to set up their business in the country. Along with this, the President of Colombia has stated that they will not impose income tax on any of the cryptocurrency firms based in Colombia for the 5 years.

He stated that he wants the firms to be formed to the country so that they can be a ‘great player’ in the cryptocurrency industry. He further added that these firms will have to ‘generate a number of jobs’ in the country in return for waiving their income tax.

The President believes that blockchain technology could help them solve the corruption in the country. In addition, it could also improve industries such as law, medicine and security.

Debl, a Redditor said:

“This is very weird. I’m Colombian, and I know that the Colombian government is VERY corrupt and sold out to the US. We’ll see how this plays out and if he really does what he is saying. He promised things before becoming president and now he did the very opposite (like rising taxes when he said he would lower them)”

Dirty-Dusty another Redditor said:

“I plan to renounce US citizenship within the next few years when I sell my business here. I already have Colombian and Honduran citizenship so if I don’t have to pay taxes on my gains, Colombia will be my first choice. I’ll stay there while I figure out which country I want to permanently move to.”

Ollice420 said:

“Until they get upset with you or need money and then freeze your bank accounts and appropriate your funds. Not trusting central or South American governments. Anyone here seen Blow?”

Recently, the country’s private and public companies joined together to form a new blockchain association in order to support cryptocurrency and blockchain technology and help the government to make decisions related to its regulation.

Even during the Senate Debate, Senator Navarro Wolff claimed that the technology could reform the lives of Colombians if applied in economic, political and administrative sectors.

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