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Colombia Planning To Create A Conducive Environment For Cryptocurrencies

Samantha Mitchell

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As the popularity and growth of Blockchain and Cryptocurrencies are improving every day, more countries are establishing measures to make their jurisdictions attractive to Crypto firms. Malta has emerged as the first nation to have Cryptocurrencies laws in place and many countries are trying to achieve this status too. In South America, Colombia is planning to become the next blockchain and Crypto hub.

Cryptocurrency Usage Grows Every day

colombia

The use of virtual currencies around the world is growing every day. More startups are using Blockchain technology to develop new products to provide solutions. Companies such as URAllowance and ONe Network are already using blockchain technology. In the mortgage sector, HFC Coin is also using the technology. Just so many companies are relying on blockchain technology to run.

Numerous countries are trying to put in place Crypto friendly laws to attract Crypto firms and allow the local population to benefit from this promising technology. This year, Malta introduced three laws essential in regulating the Crypto sector in the country. The move has made the island on the Mediterranean Sea the first country to provide Crypto laws. The move has encouraged many Crypto firms to move to the small island.

Cryptocurrencies and blockchain technology are expected to bring many benefits. Apart from allowing people to transact in a more affordable way, Crypto companies are creating employment opportunities for thousands of people. Furthermore, these businesses are acting as sources of revenue for the governments as they pay taxes.

Colombia Woos Crypto Firms

In South America, Colombia has already expressed its intention of creating a conducive environment for the Cryptocurrency and Blockchain technology firms. President Ivan Duque recently said he is planning to make a country a Crypto hub. He has introduced various incentives such as tax cuts to attract more information technology firms in the country. The only condition given to the companies wishing to enjoy these benefits is creating a given number of jobs for the locals. Duque has created INNOVA group to help the country in exploring how it could use the technology.

The President has also said that his government will determine more areas where Blockchain technology could be used. He added that he intends to use the technology in curbing corruption. Given that the technology can help in tracing the use of public resources, the Colombian government will now be able to identify any irregular use of the funds.

Laws Are Crucial In Enhancing The Adoption Of Cryptocurrencies

Despite the number of countries embracing the virtual currencies growing, as Blockvest’s Chief Compliance Officer Jack Bensimon noted, there is a need to have a strong legal system. Having proper rules in place can help in settling commercial disputes. Such laws are essential in ensuring that the banking system works as expected.

Different countries have come up with different policies to embrace Blockchain technology and Cryptocurrencies. SID Limited Chairman and Co-founder Jose Merino noted that Rwanda has chosen to put its local currency on the Blockchain. He said that even if the country may not introduce a national Cryptocurrency, it has endorsed the technology already. Merino added that the East African nation has now managed to digitalize its national currency and allowed people to sore and even transfer it virtually.

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