“Virtual currency is pure information and therefore energy,” said Gustavo Petro in 2021, in regard to mining crypto in Colombia.
The next president of Colombia , Gustavo Petro, has previously expressed support for cryptocurrency.
After winning the second round of a run-off election on Sunday, Petro will succeed Iván Duque Márquez as the president of Colombia on August 7 for a four-year term. In December 2017, right after a significant bull run, the president-elect used social media to discuss the “strength” of Bitcoin (BTC). At the time, Petro made a suggestion that cryptocurrencies like BTC would displace traditional institutions and the government and return authority to the people.
His campaign companion, Francia Márquez, who will succeed him as Colombia’s vice president, has mainly remained mum on crypto-related regulations. The president-elect urged that El Salvador employ the natural resources of its western coastline to mine cryptocurrency in some of his remarks from 2021 in reaction to El Salvador President Nayib Bukele’s plan to install volcano-powered crypto miners.
“Virtual currency is pure information and therefore energy,” said Petro at the time.
Petro will join other international leaders who have passed laws or otherwise advocated for the adoption of cryptocurrencies when he assumes office in August. Many have characterised Petro as a “leftist” politician. El Salvador has accepted bitcoin as a form of payment since September 2021. A law to establish a regulatory framework for cryptocurrencies was approved by the Panamanian legislature in April, but President Laurentino Cortizo partially vetoed the measure in June due to worries about anti-money laundering, or AML, regulations.
According to data gathered by Usefultulips, Colombia is one of the most active crypto trading countries in the region with a population of around 52 million. In an effort to encourage adoption and financial inclusion, leading Latin American cryptocurrency exchange Bitso launched in Colombia in February.