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Friday, August 31, 2018

Colombia's president tells the cryptocurrency industry - come here, and we'll even waive your taxes!

Just announced at the International Congress on Information and Communication Technologies, the President of Colombia Ivan Duque surprised the crowd with what may be the boldest offer to entice cryptocurrency based businesses to relocate to a nation thus far.

No taxes for 5 years - just bring your business to Colombia and hire some of it's citizens.

"We want companies to be formed so that Colombia can be a great player in the sector, but many times the country’s tax policy has been designed to make this type of approach an obstacle course for entrepreneurs. That is why I want us to take forward the exemption from income tax for five years for all companies that are set up for these sectors and generate a minimum number of jobs in the country” says Duque.

Also included in his plan is a new position of a "High Councillor" that would oversee the whole thing, and work with companies to help them set up shop in their country.

Duque isn't new to the topic, he also campaigned on using blockchain to 'increase transparency' of the government should he win.

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Author: Justin Derbek
New York News Desk