Colombia sees bright future in crypto and blockchain

September 03, 2018
Chris Wheal

Colombia’s recently-elected president Iván Duque envisions a future for the country that puts it at the technological edge in areas that include cryptocurrency and blockchain according to news reports.

Back in July, Forbes named Bogota as one of the top 10 bitcoin cities with over 30 BTC-accepting businesses.

Duque in remarks made before 500 guests at the annual ANDICOM conference in Colombia over the weekend, expressed high hopes that Colombia would be at the technological centre in the region in areas such as robotics, artificial intelligence and telemedicine.

Blockchain part of the solution

But Duque is also pinning hopes on the use of blockchain to fight against corruption and, as reported in El Tiempo, Duque said: “If we want to overcome corruption, technology can be instrumental” using tools such as blockchain and artificial intelligence as a means to track public funds and to pick up on any irregularities in the management of resources.

The President’s comments come after other developments in the cryptosphere in Colombia with the announcement last month of the roll-out of 1,000 Pundi-X POS devices across the country to a range of retailers.

The CEO and co-founder of Pundi-X, Zac Cheah, said: “Demand for cryptocurrency in Colombia has been surging in recent years. But there’s reason to believe it could even be understated due to a lack of accessible options for consumer adoption; to be part of a solution that extends its rise even further is an exciting new frontier for Pundi X.”

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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