Cryptocurrency is seeking attention from several nation-states and now one more is added to the list. At the International Congress on Information and Communication Technologies, the president of Columbia, Ivan Duque has cordially invited the crypto firms to commence their business in the country. The best part is that the nation will not impose an income tax on any crypto-based business in Colombia for the tenure of 5 years.
The fact is not hidden that Malta is gradually becoming a ‘blockchain island’ especially after the announcement made by the CZ, the CEO of Binance, a leading cryptocurrency platform who revealed his plan to set up a business in Malta.
Apart from this, the country is already gaining recognition from the biggest crypto firms across the world.
It can be said that Colombia is eventually trying to follow the foot-step of Malta.
Well, the president further stated that the main purpose of establishing a cryptocurrency firm in the country is to generate more and more employment in the country. Apart from this, the crypto world will also have a wide range of good player for enriching their business.
Moreover, the president has a firm belief that with the help of blockchain technology corruption and the unwanted accumulated wealth will soon get eliminated from the nation. Furthermore, these advanced tech posses the capacity to enhance another sector as well, including the medicine, security, law and so far.
The sources have confirmed that currently, the country’s public and private firms have come together to establish a new association based on blockchain with the aim to assist the blockchain and the cryptocurrency tech as well as support the state to form a proper regulation and laws for the smooth functioning of blockchain tech firms.
Nevertheless, when the debate was going on in the Senate the Senator, Navarro Wolff stated that these technologies have the powers to change the life of Columbians if made applicable on different departments including the political, administrative, economic and so far.
It’s time to wait and watch the action plan of Columbia to analyze whether the framed plans are executed or it is just a pen-paper work.
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Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.