Colombian President Ivan Duque Promises To Cut Rent Taxes For Crypto Firms

Colombian President Ivan Duque has guaranteed to reduce taxes for cryptocurrency and blockchain startups, local newspaper El Tiempo reported Wednesday, August 29.

Duque conveyed an opening message during ANDICOM, a universal congress on information and communication technology(ICT) held every year in Cartagena de Indias, Colombia. A recording of his speech is presently accessible on YouTube.

President admitted that he was “obsessed” with innovation, particularly with robotics and artificial intelligence (AI). He additionally focused on that Colombia needs its own regulator for the ICT business and guaranteed to set up a high council for the change and digital society.

As indicated by Duque, the utilization of cutting-edge technologies may enable the state to handle corruption alongside enhancing such territories as security, justice, and medication. He proposed to use blockchain and AI to track open supports and recognize abnormalities.

Proceeding onward to the crypto business, Duque guaranteed to relieve cryptocurrency related organizations of rent taxes for as long as five years, if they create a specific number of new jobs.

Ivan Duque is the present leader of Colombia. He took office in August 2018 subsequent to winning the elections earlier in May. The politician has a solid financial background, already holding important positions in the nation’s Ministry of Finance and Inter-American Development Bank.

As Cointelegraph announced before, Colombian Senate is also idealistic about blockchain, expressing that it “could change lives” after a discussion in June. Also, a national blockchain association was built up in the nation in May.
In the meantime, the nation’s financial industry has been very distrustful about cryptocurrencies up until now. For example, at one point Colombian banks shut all accounts of a South American crypto trade Buda.com, as Cointelegraph revealed June 2018.