Colombia’s New President is a Big Fan of Bitcoin

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One of the most controversial countries in South America, Colombia, has a new president elect. Even though everyone expected the ‘Colombian’ Donald Trump, Rodolfo Hernandez, to win the elections, the four-year rule went to the hands of Gustavo Petro. A former guerilla from the Movimento 19 de Abril group, Petro’s first promise as a president elect were big changes to the Colombian political system. He intends to develop capitalism in Colombia, and cryptocurrencies may play a big role in it.

According to Petro, it’s time for the nation to overcome feudalism and the hereditary mentality. He is known as the politician who helped the government sign deals with the FARC in 2016, and has been a Bitcoin supporter for years. For Petro, it removes the issuing power of states and banks, and he believes that the blockchain is built on trust, one of the pillars of his program to rebuild Colombia.

Crypto Laws Incoming?

While there’s been no talk of a crypto law in Colombia so far, it could very well start soon. Petro is obviously a big fan of so-called community currencies such as Bitcoin. He has mentioned El Salvador’s move several times while talking about crypto, and agrees that Bitcoin mining needs clear energy.

Colombia is in a unique position to provide it thanks to the La Guajira. This geological province sits on the North Andes Plate where the seismic activity can help power mining. He further noted that these new forms of energies can transform certain regions in Colombia which will invest in cryptocurrency computing that will take the country to a brave new era.

In a 2021 tweet, Petro pointed to a tweet by El Salvador president Nayib Bukele, saying that Colombia can use the country as a blueprint. In the country, Petro is billed as the first left-wing president. The South American country has been ruled by centrist parties for a while, which contrasts with the libertarian ideas that gave power to Bitcoin in the first place.

Compared to Petro, his rival Rodolfo Hernandez didn’t have much to say on the matter. It remains to be seen what the new president does in this area, but it’s looking very likely that Bitcoin will play a big part in Colombia soon.

Colombia Registering Land Titles on the XRP Ledger

Things are already moving forward on the crypto front in Colombia, although using the Ripple legder. The government just announced that it will use the underlying blockchain of XRP to help issue land titles. The announcement comes from Peersyst Technology, a company that worked closely with Ripple to implement the solution.

In layman’s terms, the new system will help the issuance of all kinds of land-related documents and verify their authenticity. It’s not a move toward Bitcoin and full crypto adoption, but it’s a step in the right direction.

South America is pretty much open to the idea of cryptocurrencies, and with new presidents such as Petro taking the ruling chair, Bitcoin adoption and clean mining energy could be just around the corner.

July 6, 2022: • No Comments

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