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Colombia Will Lower Taxes On Crypto-Startups

Colombian President Ivan Duque seems to be willing to renew the image of corruption associated with Uribism by using blockchain technologies to guarantee the security and transparency necessary to reduce fraud in government acts.

As reported by Colombian newspaper El Tiempo, Mr. Duque was optimistic about the promotion of DLTs as anti-corruption solutions:

“For Duque, a robust technology sector would strengthen areas such as security, health, justice and even the fight against corruption. In this last area, he said: “If we want to overcome corruption, technology can be instrumental” and proposed tools such as blockchain and artificial intelligence to track public funds and detect anomalies in the management of resources.”

Crypto-Startup? Less Taxes for You!

At the installation of the 33rd Andicom Congress in Cartagena, the president outlined an ambitious plan to improve several key points regarding the actual status of Colombia regarding the quality of technological services.

He commented that in his “obsession” with turning Colombia into a reference country in the world of technology, one of the first steps in his administration will be to deregulate the private investment sector.

For Duque, “a marriage between the public sector and private investment” is necessary to contribute to the country’s development:

“We have to define what type of regulator we want and move towards a single, modern regulator that understands the need for transversal innovation.”

Better Services: Duque’s Focus

Ivan Duque also said he hopes to improve network coverage as well as Internet connectivity in the country. He did not comment about the access of the most disadvantaged sectors to this type of technology, but he emphasized that the quality of service will be his priority as president:

“We’ve been in the industry for years seeking to understand our difficulties and the opportunities for connectivity…First of all, we’re happy to see a simplification with a single regulator. On the other hand, the promotion of investment, which implies permits to use the antennas, to be able to deploy infrastructure, and to have security in our investment”.

Colombia: Entering a Digital Transformation

The government of Duque is firmly focused on promoting the use of technology as a governance tool to improve the quality of life of citizens and the effectiveness of government.

He culminated by promoting the creation of a “presidential council for digital transformation:” a team in charge of generating the best possible conditions for Colombia to begin a process of transformation towards the adoption of new technological standards:

Girl in a jacket


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Mastercard Secures Patent To Close The Gap Between Credit Card Payments And Crypto

On Tuesday, it was announced that Mastercard had just secured a patent that will allow for the financial services firm to link crypto assets and fiat bank accounts.

Mastercard Wins Crypto-Related Patent

CNBC recently reported that Mastercard now has a patent that will protect its proprietary method of building a bridge between “blockchain-based assets and fiat currency accounts.”

Firstly, Mastercard brought attention to the fact that there has been an increase in cases where consumers, who “value anonymity and security,” use cryptocurrencies instead of government-issued fiat.

However, the patent expressed worries about how blockchain systems can be relatively inefficient and questionable, with companies/processors accepting crypto payments not knowing who is at the other end of the transaction.

Additionally, the patent called out the inefficiency of the Bitcoin blockchain, pointing out that Bitcoin transactions take ten plus minutes for a block confirmation, while centralized digital payments are nearly instantaneous.

Drawing attention to the Bitcoin block time, the patent document noted:

It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed, due to the computer processing time and resources required to verify and update the blockchain. Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds.

Details on the solution to this problem were rather scant, with the patent not outlining the exact method in which Mastercard could address the aforementioned issues.

However, the patent did mention the management of “fractional reserves of blockchain currency,” indicating that the financial service firm is looking to allow Mastercard consumers to pay for items with their credit card backed by a fraction of a consumer’s crypto holdings.

CNBC also pointed out that this new system would help to secure crypto payments, and would “use evaluating risk algorithms (used in credit cards) to evaluate the potential for fraud.”

Writing to CNBC, Seth Eisen, Mastercard’s senior vice president of communications, noted:

We’re consistently looking at ways to bring new thinking and new innovations to market to create value for us and our customers and cardholders.

Eisen later added that just because a patent was filed and subsequently accepted, doesn’t guarantee that Mastercard will be bringing a fiat-crypto product to market any time soon.

Tom Lee Sees Mastercard News As A Bullish Signal

Nonetheless, Tom Lee, the co-founder and head of research at Fundstrat Global Advisors, has called this patent a bullish sign.

This should come to no surprise, as Lee has long been held as one of the most prominent Bitcoin bulls, calling for Bitcoin to hit $25,000 by the end of the year at least once every few months.

Speaking on the CNBC ‘Fast Money’ segment, the Fundstrat analyst stated:

Something like the Mastercard news is postive becuase it’s really validating the idea that digital money, or blockchain-based money, is a valid form of transaction.

It isn’t currently clear what will result of this patent, but many cryptocurrency proponents are hopeful that a gargantuan firm like Mastercard will finally release a product related to cryptocurrencies or blockchain-related technologies.


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Cardano (ADA) Expansion is not Relaxing: Africa and Asia

Input Output HK or mostly known as IOHK which we all know for creating and developing the 8th largest coin Cardano [ADA], is reaching very widely in a globe-range.

Right now, IOHK is delivering the blockchain platform in various countries in Africa and Asia. It is not long ago, when our team covered the signed partnership between the Ethiopian gov and Cardano. It was announced that Cardano’s blockchain technology will be studied and explored out for use cases in the nation’s Agritech industry.

The announcement has come to public via Charles Hoskinson twitter profile as he let know that a formalized contract has been made with the Ethiopian Ministry of Science and Technology.

The Ethiopian coffee supply chain may soon be using the Cardano blockchain. IOHK will help the government of Ethiopia to hire and train junior software developers to learn about using Cardano blockchain solutions and implement them in the coffee supply chain. It is planned to initiate this September with 30 female developers making the group.

Director of African Operations – John O’Connor added:

“We did not arrive with solutions, but with a commitment to find them. Seeing the ideas that emerged from the dialogue between IOHK and the ministry validated our launch in Ethiopia, and our belief in a productive and mutually beneficial relationship. This belief is enshrined in the MoU Charles signed with the Minister of Science and Technology, Dr. Getahun.”

The tech solutions that the firm is offering could find use in land registry too in Rwanda, in which case advantage will be taken of high-mobile penetration.

Cardano in Asia

Similar in the food industry, the Cardano team is looking to implement its blockchain technology in Vietnam and Cambodia for tracing beef supply. On the other side, Emurgo Hong Kong – Cardano platform development company, will be attempting to publish university level digital certificates using Cardano’s blockchain network. This will be done with the target to lower falsification and theft.

CEO of IOHK and founder of Cardano – Charles Hoskinson on adoption and tech utilization:

“It creates a single global market enabling anyone to trade at a global scale, which is revolutionary. The blockchain platform can solve many varied issues and make the world a better place.”