Colombian President Gustavo Petro has reportedly grow to be a holder of Bitcoin. This improvement comes on the heels of a gathering between President Petro and a delegation led by Samson Mow, founding father of JAN3, an organization on the forefront of Bitcoin nation-state adoption.
The assembly, as reported by native media and thru social channels, represents a major step in exploring the combination of BTC and blockchain expertise into Colombia’s socio-economic cloth. JAN3’s assertion through X hinted at potential coverage shifts: “Is Bitcoin usage in Colombia likely to usher in new policies? Definitely maybe. The JAN3 team met with Petro Gustavo to discuss its potential implementation in social projects.”
Additional including to the intrigue, Samson Mow posted a picture on X with President Petro, revealing, “The President of Colombia is now a Bitcoin HODLer for sure. 100,000 sats [0.001 BTC] to be exact.” Mow expressed gratitude in the direction of President Petro for his openness, stating: “Thank you President Petro Gustavo for the welcoming message. We’re excited to help Colombia to move forward. And don’t lose your Bitcoin!”
Moreover, Diego ‘Aequalitatem Honoris’ Gutierrez-Zaldivar, CEO of IOVLabs, acknowledged the assembly’s significance through X, aligning with the aim to foster a extra affluent society. He said, “Thank you President Petro Gustavo for receiving us. We share the commitment to create a more prosperous society.”
Thanks President @petrogustavo for receiving us. We share the dedication to create a extra affluent society.
cc: @Excellion @maurotov https://t.co/awGCEmgLBp
— Diego ‘Aequalitatem Honoris’ Gutierrez-Zaldivar (@dieguito) December 1, 2023
Bitcoin Adoption In Colombia
Native media outlet Diario La República and W Radio reported that President Petro is exploring the usage of BTC within the nationwide financial system by way of cooperatives. The president can be contemplating the applying of blockchain expertise in varied public sectors reminiscent of well being billing, administration of the Particular Property Society (SAE), and land restitution processes.
President Gustavo emphasised the potential for managing the well being billing system and property administration in real-time utilizing blockchain expertise, in addition to the integration of Bitcoin in employee cooperatives inside the in style financial system.
The assembly on the Casa de Nariño included discussions on these key points and underscores the rising curiosity and potential authorities assist for Bitcoin and blockchain technology in Colombia. Contributors included famend blockchain expertise consultants Samson Mow, Diego Gutiérrez, Raúl Velásquez, Edwin Rivas, Cristian Quintero, and Mauricio Tovar.
Nonetheless, it’s essential to notice that cryptocurrencies are not yet regulated in Colombia. The Monetary Superintendency has been conducting a pilot plan for the usage of cryptocurrencies for a number of years, however the outcomes are nonetheless pending. The implementation of the methods proposed by President Petro stays unsure till additional developments in cryptocurrency regulation are made in Colombia.
However President Gustavo’s engagement with Bitcoin and blockchain expertise consultants indicators a doable pivot in the direction of embracing these applied sciences at a nationwide stage. As Colombia grapples with the regulatory features, the President’s involvement could possibly be a harbinger for extra definitive Bitcoin and crypto insurance policies and broader adoption within the close to future.
Remarkably, Mow was only a few days in the past in Suriname, the place he met with the president Chan Santokhi, and different authorities officers to develop a possible Bitcoin technique to rework the small South American nation’s financial mannequin. Amongst different issues, Mow additionally hinted that the central financial institution might make investments 1% of its reserves in BTC.
At press time, BTC traded at $38,117.
Featured picture from Time, chart from TradingView.com
