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Colombia’s President Petro joins Bitcoin revolution

TL;DR

  • Colombian President Petro has entered the crypto space with an emphasis on Bitcoin. This has sparked heated debate in Colombia over the future of digital assets.
  • According to Samson Mow, “The President of Colombia is now a Bitcoin HODLer for sure. 100,000 sats to be exact.”
  • President Petro’s investment in Bitcoin reflects a growing interest in cryptocurrencies among South American leaders. This could be the start of fundamental shifts in how the area views digital assets.

In what may be the start of yet another Bitcoin adoption narrative in the South American region, Colombian President Petro officially became a BTC holder. While many other countries in the region see cryptocurrencies favorably, El Salvador, a Latin American republic, already made Bitcoin legal tender in September 2021.

President Petro dives into Bitcoin – What it means for Colombia!

Colombian President Gustavo Petro is said to be a Bitcoin owner. This comes after President Petro met with a delegation led by Samson Mow, founder of JAN3, a company at the forefront of Bitcoin nation-state adoption.

The conference, as reported by local media and social media, is a crucial step towards exploring the integration of Bitcoin and blockchain technology into Colombia’s socioeconomic fabric.  

Is Bitcoin usage in Colombia likely to usher in new policies? Definitely maybe. The JAN3 team met with ⁦Petro Gustavo⁩ to discuss its potential implementation in social projects.

Report

The CEO, Samson Mow, has given the Colombian president 100,000 sats worth of BTC. Following this, President Petro issued a message in which he stated that the technology behind crypto has the potential to benefit Colombians. According to Samson Mow,

The President of Colombia is now a Bitcoin HODLer for sure. 100,000 sats to be exact.

Samson Mow

Mow thanked President Petro for his friendliness, saying, “Thank you President Petro Gustavo for the welcoming message. We’re excited to help Colombia to move forward. And don’t lose your Bitcoin!”

Furthermore, Diego ‘Aequalitatem Honoris’ Gutierrez-Zaldivar, CEO of IOVLabs, underlined the significance of the meeting via X, coinciding with the goal of fostering a more prosperous society.  “Thank you President Petro Gustavo for receiving us. We share the commitment to create a more prosperous society.”

The future of Bitcoin in Colombia

On the occasion of owning BTC, President Petro stated that he would launch the formation of working groups in government and grassroots areas wherever the technology is beneficial to the economy. He stated that cryptocurrencies and blockchain have clearly made their mark on the globe and will continue to evolve in the future. These technologies have the potential to improve people’s well-being.

According to local media outlets Diario La Repblica and W Radio, President Petro is looking into the usage of Bitcoin in the national economy through cooperatives. The president is also investigating the use of blockchain technology in other governmental sectors, including health billing, Special Assets Society (SAE) management, and land restitution processes.

President Petro emphasized the possibilities for employing blockchain technology to administer the health billing system and property management in real-time and incorporating Bitcoin in worker cooperatives within the popular economy.

The gathering at the Casa de Nario included discussions on these critical concerns, highlighting Colombia’s rising interest in and potential government support for Bitcoin and blockchain technology. Renowned blockchain technology professionals Samson Mow, Diego Gutiérrez, Ral Velásquez, Edwin Rivas, Cristian Quintero, and Mauricio Tovar were among those who took part.

However, it is crucial to note that cryptocurrencies are not yet regulated in Colombia. For several years, the Financial Superintendency has been running a trial plan for the usage of cryptocurrencies, but the results are still pending. The implementation of President Petro’s proposed tactics is doubtful until more improvements in cryptocurrency regulation are made in Colombia.

Soon after Argentina’s right-wing politician Javier Milei was elected president on November 19, 2023, Max Keiser, the Bitcoin advisor to El Salvador President Nayib Bukele, requested permission for the El Salvador Bitcoin team to visit Argentina. 

Following this, Cryptopolitan reported that President Bukele had approved the visit of team Bitcoin El Salvador to Argentina on a “Bitcoin diplomatic mission” of peace and economic freedom.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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