By George Ward
In recent years, Bitcoin has seen a steep adoption rate in South America following its status as a legal tender in El Salvador. The asset has scored another achievement as Colombia president Gustavo Petro met with Samsom Mow, the Bitcoin nation-state adoption advocate and founder of JAN3.
Colombia Joins Bitcoin Nations
Recent reports from social media and local media outlets covered a vital conference that explored integrating blockchain technology and Bitcoin (BTC) into Colombia’s social and economic framework. JAN3’s message on X reveals possible modifications to Colombia’s Bitcoin laws.
The platform hinted at new regulations about to be implemented by using Bitcoin in Colombia. It also cited the conference as an avenue where President Petro may have met with the JAN3 team to discuss potential applications of BTC in social projects.
Samson Mow posted a picture of President Petro on X, stating that the President now holds BTC, equal to 100,000 satoshis. Mow posted a photo of President Petro on X, saying that the President now has Bitcoin, which is equivalent to 100,000 satoshis.
This development increased the excitement of the Colombian Bitcoin community even further. The JAN3 founder also commended the President for the warm welcome accorded him and his delegates at the Casa de Nariño presidential palace.
A Possible Bitcoin Destination
According to reports from local media outlets, President Petro is reportedly considering integrating Bitcoin (BTC) into the Colombian economy. In particular, he’s thinking about using cooperatives and applying blockchain technology to different public sectors.
President Petro outlined how blockchain technology could streamline land restitution procedures, manage health billing, and supervise the Special Assets Society (SAE). The President highlighted the potential advantages of using blockchain technology to enable real-time health and property administration management.
He also indicated interest in integrating Bitcoin into worker cooperatives platforms in the mainstream economy. These crucial topics were the focus of the conversation at the Casa de Nariño.
It demonstrates support from the Columbian government for blockchain technology and Bitcoin. Notable attendees at the meeting include blockchain experts. such as Samson Mow, Edwin Rivas, Cristian Quintero, Diego Gutiérrez, Raúl Velásquez, and Mauricio Tovar.
Columbia’s Crypto Ecosystem
The fact that cryptocurrencies are still unregulated in Colombia plays a significant role in how blockchain and Bitcoin are incorporated into the nation’s finance framework. Although the Financial Superintendency has been testing a pilot program for using virtual currencies, specific results have yet to be revealed.
Thus, President Petro’s suggested approaches involving these technologies may encounter uncertainty until Colombia develops comprehensive crypto guidelines. Still, the President’s meeting with blockchain and Bitcoin experts indicates that the nation’s adoption of these technologies is imminent.
Nevertheless, President Petro’s engagement suggests that more regulations on Bitcoin and other crypto assets may follow, which will help digital tokens gain more traction in the long run. It’s interesting to note that Mow traveled to Suriname recently, where he met with President Chan Santokhi and government representatives to discuss a possible Bitcoin strategy.
The plan is meant to transform the economic model of the small South American country. However, Suriname authorities are yet to make any move after the meeting with Mow.
At the time of writing, Bitcoin trades at $38,647, with a 2.3% rise over the past 24 hours, according to CoinGecko data.