Regarding crypto mining in Colombia in 2021, Gustavo Petro said, “Virtual money is pure information and, thus, energy.”
Gustavo Petro, who was just elected president of Colombia in 2022, 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 president of Colombia on August 7 for a four-year term. In December 2017, right after a significant bull run, the president-elect turned to social media to discuss Bitcoin’s “strength” (BTC). At the time, Petro implied that cryptocurrencies like Bitcoin may take power from governments and conventional institutions and return it to the people.
Francia Márquez, his campaign companion and the future vice president of Colombia, has remained fairly mute on crypto-related policy. A portion of the president-statements elect from 2021 included a reaction to El Salvador President Nayib Bukele’s proposal to construct crypto miners powered by volcanoes, in which he proposed that the nation harness the natural resources of its western coastline to mine cryptocurrencies. Petro said at the time, “virtual money is pure information and hence energy.”
With the August inauguration of Petro, the “leftist” politician will join the ranks of other foreign leaders who have passed legislation or otherwise advocated for crypto adoption. Since September 2021, Bitcoin has been recognised as legal money in El Salvador. In April, Panama’s legislature passed a law that would have established a legal framework for cryptocurrencies. However, in June, President Laurentino Cortizo partly vetoed the bill, citing worries about Anti-Money Laundering (AML) regulations.
According to statistics provided by Usefultulips, with around 52 million inhabitants, Colombia is one of the most active nations in the area of crypto trading. Bitso, a prominent Latin American cryptocurrency exchange, debuted in Colombia in February as part of an attempt to encourage cryptocurrency use and financial inclusion.
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