Ali RazaGustavo Petro recently won the presidential elections in Columbia, and he is set to be sworn in as the country’s president in August. Petro could change the crypto atmosphere in Columbia, as he has previously supported Bitcoin.
Columbia president supports crypto
Petro, the current president-elect in Columbia, praised Bitcoin during the 2017 bull market. At the time, Petro said cryptocurrencies could take power away from governments and traditional financial institutions and give this power back to the people and urged people to buy Bitcoin.
JUST IN: Newly elected Colombian President supports #Bitcoin. "It removes power from the banks." pic.twitter.com/LuXOpZazVy
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2022
Petro’s running mate, Francia Marquez, who will now be the vice president of Columbia, has not openly spoken about cryptocurrencies in the past. He has previously reacted to El Salvador’s plans to mine Bitcoin using volcano energy, saying that Columbia should also use the natural resources on its western coastline to mine cryptocurrencies.
Cryptoassets are a highly volatile unregulated investment product.
Columbia is a country with a population of 52 million citizens. The country is one of the most active crypto locations in the region. Bitso, a leading cryptocurrency exchange, was launched in February as part of a plan to popularize digital assets in the country.
Crypto trading activities in Latin America
Latin America is leading the rest of the world in cryptocurrency adoption. El Salvador, a country in Central America, has the most forthcoming crypto laws after approving Bitcoin as legal tender last year. Bitcoin is used as a means of payment in El Salvador alongside the country’s fiat currency.
El Salvador’s president, Nayib Bukele, has been at the forefront of promoting crypto activities within the country. The president recently reacted to the ongoing bear market, saying there was no need to panic.
Argentina has also seen an uptick in crypto activities following the rising inflation levels in the country. However, two of the recent banks in the country rescinded their plans to offer crypto services after the country’s central bank prohibited the move.
Earlier this year, Indira Kempis, a senator in Mexico, presented a law that proposed adopting Bitcoin as legal tender. However, the country’s president has since turned down any plans of the country following in El Salvador’s footsteps, saying the country was not interested in making Bitcoin legal tender.
Despite these efforts, global financial regulators such as the International Monetary Fund (IMF) and the World Bank have warned of the risks posed by adopting crypto assets. These institutions believe that crypto poses a danger to financial stability.
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This article was written for Business 2 Community by Ali Raza.
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