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President of Colombia Promises to Cut Rent Taxes for Crypto Startups

The President of Colombia, Ivan Duque has made a promise to drastically reduce taxes for virtual currency and blockchain-related firms; this was recently reported by a local print media outlet, El Tiempo.
The President, while giving the opening address during ANDICOM, which is an international congress on information and communications technology (ICT) held annually in Cartagena de Indias, Colombia. The video of this speech was first released on YouTube before it was later reported by news outlets.
Ivan Duque couldn’t converse his bias for technology as he described himself as being “obsessed” with technology laying emphasis on the new millennial technologies such as Artificial Intelligence (AI) and robotics. He stated Colombia’s need to regulate its ICT industry could not be overemphasized and he promised to develop and maintain a high council which will focus on the transformation of the ICT industry and digital society in whole.
Based on the President’s opinion, the use of advanced technology such as blockchain and artificial intelligence in Colombia can bring about a change in its state of affairs, tackle corruption, help to advance the legal system, improve the healthcare sector and equally improve cybersecurity in the country. He then proposed that the country should capitalize on this ingenious technology stating that their capacity to track public funds and detect loopholes is second to none and that the traditional system has lasted long enough.
He then swiftly delved into the virtual currency sector; Duque has been recorded to have promised to grant digital currency, and blockchain-related Startups taxes relieve on rents up to a period of five years.

Colombia’s Tussle with Blockchain Technology

Ivan Duque, having won the May 2018 Colombia general elections, he assumed office in August of the same year, and he remains the current president of Colombia at the moment. Aside from being a politician, he has an impressive background in finance which gives him leverage as a president. He has also held significant positions in the country such as being an adviser to the Minister of Finance. In addition to that, he is a top official at the Inter-American Bank.
The story of Colombia’s tussle with blockchain has been previously reported on several outlets. It was earlier published that the Colombian Senate shares the same sentiment with the President as regards blockchain stating that it “could change lives” during a serious debate in June. Also for the first time in the history of Colombia as regarding blockchain, a national pressure group was created in May.
Almost at the same time, the county’s financial sector has been a bit uncertain about digital currencies. This can be deduced from an action by the Colombia financial institutions which include the closing of all accounts of a South American crypto exchange Buda.com.

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