Colombia Will Lower Taxes On Crypto-Startups 14

Colombia Will Lower Taxes On Crypto-Startups

Colombian President Ivan Duque seems to be willing to renew the image of corruption associated with Uribism by using blockchain technologies to guarantee the security and transparency necessary to reduce fraud in government acts.

As reported by Colombian newspaper El Tiempo, Mr. Duque was optimistic about the promotion of DLTs as anti-corruption solutions:

“For Duque, a robust technology sector would strengthen areas such as security, health, justice and even the fight against corruption. In this last area, he said: “If we want to overcome corruption, technology can be instrumental” and proposed tools such as blockchain and artificial intelligence to track public funds and detect anomalies in the management of resources.”

Crypto-Startup? Less Taxes for You!

At the installation of the 33rd Andicom Congress in Cartagena, the president outlined an ambitious plan to improve several key points regarding the actual status of Colombia regarding the quality of technological services.

He commented that in his “obsession” with turning Colombia into a reference country in the world of technology, one of the first steps in his administration will be to deregulate the private investment sector.

For Duque, “a marriage between the public sector and private investment” is necessary to contribute to the country’s development:

“We have to define what type of regulator we want and move towards a single, modern regulator that understands the need for transversal innovation.”

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Better Services: Duque’s Focus

Ivan Duque also said he hopes to improve network coverage as well as Internet connectivity in the country. He did not comment about the access of the most disadvantaged sectors to this type of technology, but he emphasized that the quality of service will be his priority as president:

“We’ve been in the industry for years seeking to understand our difficulties and the opportunities for connectivity…First of all, we’re happy to see a simplification with a single regulator. On the other hand, the promotion of investment, which implies permits to use the antennas, to be able to deploy infrastructure, and to have security in our investment”.

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Colombia: Entering a Digital Transformation

The government of Duque is firmly focused on promoting the use of technology as a governance tool to improve the quality of life of citizens and the effectiveness of government.

He culminated by promoting the creation of a “presidential council for digital transformation:” a team in charge of generating the best possible conditions for Colombia to begin a process of transformation towards the adoption of new technological standards: