Colombia Looks to Slash Cryptocurrency Tax Rates for Blockchain Startups

Colombia May Cut Rent Taxes for Crypto-Related Firms

The new Colombian president, Iván Duque, has promised that it may cut taxes for crypto and blockchain companies. The information has been released by the local news outlet El Tiempo on August 29.

This is very positive for virtual currency companies in the region that are searching to locate their headquarters.

Mr. Duque delivered a message during the international congress known as ANDICOM. The information is held annually in Cartagena de Indias, Colombia.

Apparently, the president is a strong supporter of the technology. He said that he is ‘obsessed’ with robotics and artificial intelligence (AI). In the future, the country would be creating a council that would transform the country into a digital society.

The other promise he made was related to cryptocurrencies. He said that the country would not impose taxes on crypto related companies for five years in case they generate new jobs.

Duque is the president of Colombia since August 2018. He won the elections in May and has an important financial background. In the past, he held positions in the Ministry of Finance and the Inter-American Development Bank.

Colombia is an important player in the cryptocurrency market in Latin America. The Colombian Central Bank is working with the R3 Consortium to test a blockchain system with 39 different companies.

Several companies are settling their headquarters in the country. Cities such as Bogotá are competing with Sao Paulo in Brazil, Buenos Aires in Argentina, or Santiago in Chile.

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