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Ivan Duque, Colombia’s president, has promised tax cuts for blockchain companies in a recent press release. As the Colombian magazine “El Tiempo” announced on 29 August, companies with a focus on blockchain and crypto currencies will benefit most from this tax saving.

Colombia’s President focuses on future technologies

At the ANDICOM Congress, the Colombian President announced a tax reduction for companies with a focus on blockchain technology. Duque also expressed his sympathy for the new technology. In his opinion, a combination of the blockchain with technologies such as robotics or artificial intelligence will enter society in the long term. In addition, Colombia will have its own agency for information and communication technologies so that the country’s digital transformation can be driven forward.

In particular, the possibility of combating grievances – such as corruption or crime – through the use of these technologies creates potential for Colombia. In addition, the blockchain offers far-reaching opportunities in the areas of medicine, law and security. Accordingly, a combination of blockchain and artificial intelligence should be used to transparently manage public funds and detect discrepancies.

Tax Benefits for Blockchain Companies

In his speech, Ivan Duque also promised tax benefits for companies with a focus on the development and establishment of blockchain technology. The grant will initially be valid for a period of five years and will help create new jobs. The tax reduction is also intended to attract new companies to Colombia and help the country’s economy on its feet.

Ivan Duque is Colombia’s current president and has held this office since August 2018. The politician won the elections in May 2018. Duque previously worked in the financial sector and held a high-ranking position in the Colombian Ministry of Finance and the Inter-American Development Bank. However, in addition to Duque, the Colombian Senate is also optimistic about the blockchain issue. Politicians see technology as an opportunity to revolutionize the lives of Colombians after decades. In order to push ahead with developments in the field of blockchain, the country set up its own Blockchain Association in May.

When it comes to crypto currencies, however, the country’s tax authorities have taken a cautious stance. Already in June 2018, the Colombian Bundesbank blocked all accounts on the South American crypto exchange Buda.com. A state focus on the establishment of blockchain-based business models will, however, have to lead to a change at the Colombian Bundesbank in the long term.