Colombian President Welcomes Bitcoin Envoy

JAN3 CEO Samson Mow visits Colombia to discuss Bitcoin and blockchain with President Petro.

Colombian President Gustavo Petro having the laser eye.
Created by Gabor Kovacs from DailyCoin
  • JAN3 CEO Samson Mow visits Colombia to talk about Bitcoin.
  • President Petro expressed a positive reception to blockchain technology.
  • Various use cases were discussed, some of which suit blockchains that are not Bitcoin.

State-level Bitcoin adoption is back in the spotlight following Javier Milei’s decisive victory last month in the Argentinian presidential election. Milei’s radical campaign policies, which included abolishing the central bank, spoke to Argentines fed up with the country’s economic decline. While Milei made no campaign policies regarding Bitcoin, he has spoken positively about its monetary properties.

JAN3 CEO Samson Mow revealed plans to meet with Milei in 2024 to push the Bitcoin agenda. Meanwhile, Mow has been in nearby Colombia, where President Gustavo Petro has rolled out the red carpet to welcome him in his mission to pitch the national adoption of Bitcoin.

Petro Gives Go-Ahead For Bitcoin Pilot

President Petro warmly welcomed Mow and his team, visibly embracing them in a video address. Petro referred to them as his “blockchain guru friends,” highlighting the importance of their mission to pitch the national adoption of Bitcoin.

While stopping short of a full national adoption commitment, Petro confirmed that he has given the go-ahead for “working groups” and “free cooperatives” to explore blockchain technology integration at the public sector and grassroots community levels.

The brief address did not go into the finer details of how these working groups would operate. Still, Petro expressed an understanding of Bitcoin’s potential for bringing prosperity to the people of Colombia.

Exploring National Use Cases

Local media outlet La República covered the story, giving details on the meeting between Petro and the delegates, which included a discussion on using Bitcoin in the economy through “free working cooperatives.”   

Further discussion points centered around the role of blockchain in modernizing the country’s complex healthcare billing system, facilitating land titling for restitution efforts, and managing property held by the Special Assets Society (SAE). 

The SAE is a government agency that handles assets seized from drug traffickers. A national scandal erupted when it was found that seized assets had gone missing, sparking questions about inadequate record-keeping and governmental corruption.

On the Flipside

  • Bitcoin is typically associated with being a medium of exchange or store of value; some use cases described by La República do not fit that description.
  • Although El Salvador was the first country to make BTC legal tender in 2021, most Salvadorans prefer using cash, casting doubt on the grassroots demand for cryptocurrency.
  • Bitcoin adoption could provide more Colombians with access to the financial system. While half of the country’s population is unbanked, only 4% of Americans are in the same situation.

Why This Matters

Petro’s welcoming of Mow signals sincere interest in state-level cryptocurrency integration. Although it’s still early in the proceedings, the fact that another country is actively exploring the matter bodes well for those who champion the benefits of decentralized money.  

Learn more about Mow’s reasoning for a $1 million Bitcoin price here:
Here’s How Bitcoin Gets to $1M According to Samson Mow

Read more on the latest hit against Bitcoin’s green credentials here:
Bitcoin Community Rages at “Junk Science” BBC Hit Piece

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.