Will Colombia become El Salvador 2.0 after President Advisor’s stance on BTC?

Will Colombia become El Salvador 2.0 after President Advisor’s stance on BTC?

Jehudi Castro Sierra, Advisor to the President of Colombia, applauded Bitcoin (BTC). He called it the “most brilliant piece of software ever.” The Colombian President’s Advisor asserted his position in the parliament as the tech and digital advancement Advisor, instead of a political consultant.

Sierra’s appreciation of cryptocurrencies like Bitcoin, along with his eminent position in the Colombian administration could mean a foreseeable shift in the county. A potential move from traditional finances, towards the decentralized sphere in the Colombian finances.

“I approached Bitcoin as a great open-source project. After some time, I also got interested in the monetary innovation that it represents, and I am still discovering amazing new things every day.”, Sierra told CryptoPotato in an interview.

BTC adoption projects in Colombia

Sierra highlighted ongoing projects in the nation to adopt Bitcoin and other digital currencies for mass and routine transactions. Additionally, he emphasized crypto projects as Colombia’s priority to become adequately equipped for Web 3.0

Colombia attempts to make crypto exchanges approachable to its citizens. Sierra stated that the authorities will implement lenient regulatory policies, provide incentives, and thereafter, seek more investments.

“Currently, one of the main focuses is around cryptocurrencies. We have an innovative sandbox where we allow exchanges to reach the citizens in an easy and secure way. The idea is with the information collected on this sandbox to have a friendly regulation that incentivizes innovation and attracts investment.”, he added.

South American Nations support for BTC

Castro Sierra addressed El Salvador’s BTC legal tender as a “bold move” during the interview. However, despite his acknowledgment of crypto legal tender’s risk in lieu of high volatility, Sierra also believes that BTC legal tender in El Salvador will “bring new investments.” South American countries like Paraguay and Argentina are gravitating towards Bitcoin adoption. Additionally, these countries are providing renewable energy to miners migrating out of China.

However, BTC’s adoption in these countries has received considerable backlash from regulatory authorities. UN’s regional commission, the Economic Commission for Latin America, and the Caribbean (ECLAC) have warned nations of potential security threats that Bitcoin as a legal tender can cause.

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