In the wake of Gustavo Petro’s election as Colombia’s next president, we asked our readers if they would consider saving in cryptocurrencies: here’s what they thought.
- Gustavo Petro recently won the presidency of Colombia.
- The leftist politician has already spoken out about Bitcoin in the past. .
- Readers point out that saving in cryptocurrencies is an option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. regardless of who is president.
- Several legislative and regulatory initiatives are already underway in Colombia.
On Sunday, June 19, Colombia elected Gustavo Petro as its new president, a leftist representative who will become the next president for the period 2022 – 2026.
Although the election result lends itself to many political, economic and social debates, the question that concerns us has to do with the future of cryptocurrencies in the country under his administration, so the question of what will happen to the cryptocurrencies is open. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies, especially in light of the current economic situation in the country.
What has Gustavo Petro said about cryptocurrencies?
The first thing to review is Petro’s perspective on cryptocurrencies, and although he has not been very active on the subject, he has expressed his opinion regarding these assets.
The documented commentary on record was a tweet published at the end of 2017, in which he expressed his opinion about Bitcoin destacando el hecho de que su emisión no está controlada por los bancos, lo cual resalta valores centrados en la comunidad y en la confianza de sus participantes.
In this regard, Petro commented as follows:
Bitcoin removes the power of issuance to states and the seigniorage of the currency currency is a medium of exchange that defines value. to banks. It is a community currency that is based on the trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. of those who make transactions with it, as it is based on the blockchain, trust is measured and grows, hence its strength.https://t.co/g8cO9WfP0L
– Gustavo Petro (@petrogustavo) December 26, 2017
It is worth noting that, at this time, the politician made a statement regarding the accusations of the Bank of the Republic a de Colombia in which the institution assumed a somewhat neutral position, neither promoting nor prohibiting its use, although it made it clear that no person or entity in Colombia was obliged to accept it as payment for products or services, since the Colombian peso was the only currency officially recognized by the state.
What about finances?
Other than this, there have been no other noteworthy comments in relation to Bitcoin or cryptocurrencies by Petro. However, one aspect highlighted by analysts and people who closely follow the country’s politics is the president’s vision of printing money to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the nation’s current problems.
In relation to the latter, Petro shared a thread of messages at the end of March 2021 in which he pointed to an analysis made by economist Paul Krugman, who claimed that the issuance of money by the US central bank had not caused economic inflation a general increase in prices and fall in the purchasing value of money. in the North American country. The premise was to do something similar in Colombia, but instead of allocating the money to the private sector, he proposed to distribute the wealth among the less favored sectors.
Paul Krugman, one of the world’s leading economists, shows us how the issuance of trillions of dollars of money in the US has not brought inflation. In times of recession, issuance can temporarily sustain an economy, especially if it is directed at households.https://t.co/2bLzry5DEI
– Gustavo Petro (@petrogustavo) March 26, 2021
Currently within his presidential proposal, one of the most controversial points proposed by Petro is the need for a tax reform to finance social programs, with which he aspires to raise COP $50 billion through new tax schemes. For now, we can only wait and learn more about the proposed plan to achieve this ambitious goal.
Readers’ opinions on Petro, the economy and cryptocurrencies
Faced with the doubts that arise about the direction of the nation, the path that will take the local economy in the face of the arrival of Petro to the presidency of Colombia, DiarioBitcoin asked readers about their opinion on the possible need or desire to seek a safe haven in digital currencies.
In this regard, our editorial staff asked the following question on social media channels:
Readers in Colombia:
Now that Gustavo Petro will be president, how do you project the economy will go? Do you plan to buy cryptocurrencies?
— Diario฿itcoin (@DiarioBitcoin) June 21, 2022
While there were opinions for and against this premise, the most interesting thing to note is that the majority of readers seemed to lean towards a pro-cryptocurrency acquisition stance. In general, they pointed out that the use of these assets to hedge against the local economy has always been an option and will continue to be, regardless of who the president of Colombia is.
???????????? Crypto should always be bought! Never mind the presidents my friend! Yours is with intention? Remember: it’s not the governments that matter, but the bankers and the current system! There is a lot of money printing in Colombia today!
– PG (@PabloGuidobono) June 22, 2022
Among the most notable comments, some of our readers highlighted that this was a practice that has been going on for years, specifically since the administration of Iván Duque, and that this measure even looks beyond the Colombian economy itself because the international financial trend points to the recession of several of the most important economies.
For starters a global recession is coming, whoever the winning candidate was already challenged by the global situation, my plan has always been to save dollars and BTC. I am very optimistic about today’s calls with Biden and the US Secretary of State where they showed great empathy for petro.
– ????☠️????pipe cripto????☠️???? (@pipecripto) June 21, 2022
Finally, outside of the political debates, there were readers who expressed their preference to wait and see how the economy develops under Petro’s administration before making this type of decision.
Colombia and cryptocurrencies
These next four years could be decisive for the development of the crypto ecosystem within the South American country, because although it remains to be seen what will be the position of the newly elected president, at the legislative and regulatory level are already advancing certain initiatives to begin to establish legal frameworks on the subject.
Earlier this month, the Financial Superintendence of Colombia indicated that he will publish in the next few weeks his first draft of the guidelines for the regulations applicable to transactions and operations with digital currencies in the country. This agreement derives from the tests carried out within the regulatory sandbox over the last year, in which cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchanges that operate locally and several of the nation’s banking institutions participated in alliance.
On the other hand, the Congress of Colombia approved the bill in its first debate presented by Congressman Mauricio Toro, which presents a first approach to regulate the operations of crypto exchanges within the country. Among the most important considerations is the creation of a single registry for trading platforms operating in Colombia, the creation of educational programs aimed at the general population, and the collaboration of banks to allow the purchase and sale with Colombian pesos.
On the other hand, there is the resolution announced by the Information and Financial Analysis Unit of Colombia (UIAF) , which took a slightly more restrictive approach and seeks to implement a system that would force traders to report back when transactions exceed the limits of USD $150 for individual purchases and/or USD $450 for groups of transactions. This measure has not entered into force and has been postponed until next July 1st It remains to be seen whether the body will revise these criteria based on discussions and conversations with other entities.
It remains to be seen if these initiatives that are already underway will be subject to changes now that there will be a different directive from the presidency of the Republic, but for now, we can only wait and see how everything evolves.
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With information from Twitter y LaRepública
Article by Angel Di Matteo / DiarioBitcoin
Imagen de Depositphotos