The President of Colombia, Ivan Duque, trusts in Blockchain to combat corruption
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The President Of Colombia, Ivan Duque, Trusts In Blockchain To Combat Corruption

Ivan Duque, Columbia’s new President has affirmed his belief in the blockchain technology, asserting that the new technology can be used in restoring a sense of security among Colombians. This is as a result of the recent advertisements in which plans are underway to put in place political transparency through the use of blockchain technology.

A cable from the NSA indicates that Alvaro Uribe, Colombia’s former President and President Ivan’s mentor, was a friend to Pablo Escobar, a well-known drug trafficker. This is however vehemently denied by Uribe for obvious reasons.

According to President Duque, the high level of corruption that is prevalent in the nation necessitates the need to use many technologies in order to monitor information and control excesses in government expenditure.

The Use Of Mobile Applications

The Colombian President further asserted that he wants the government to utilize mobile applications in permitting Columbians to access government services. Some of the tools to be used include huge facts as well as blockchain technology. This will bring about the much needed transparency even as governments provides services in wellness, agriculture and infrastructure among others.

Many government agencies within Colombia are in the process of discussing how the use of blockchain can be implemented. As a matter of fact, Antonio Navarro Wolff, a Senator, has supported a similar professional blockchain initiative in the country’s legislative arm of government.

In as much as the administration embraced the use of blockchain technology, it is however a different ball game when politicians in the country discuss about virtual currencies. This is because in many ways, industrial banking in the nation has affected the advancements of monetary pursuits of exchanges.

In spite of these developments, Colombia is one of the few countries in the region which has made a lot of progress in matters cryptocurrencies. The information from BBC indicate that last year, transactions through Bitcoin had already taken center stage in the nation.

According to the well-known intercontinental portal, transactions in the Colombian pesos rose by 1200%, a figure which indicated a success in the uptake of the virtual currencies considering that Colombia is not a stable country. It took the third position after China and Nigeria which grew by 2000% and 1400% respectively.

Uses Of Bitcoin

In Colombia, Bitcoin is used as a means of sending remittances as well as the defense towards the fiscal catastrophe which happens as a result of speculation. It therefore becomes easier for relatives abroad to send money to their loved ones using Bitcoins. In most cases, people prefer small-phrase returns, which is a lot easier to manage.

In as much as no day has been set for implementing the initiative, majority of Colombians are confident that the President’s direction will in the long run be of great benefit to the nation. This will be a positive gesture, far from the mistakes done by Uribe where corruption was the order of the day.

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