Jehudi Castro Sierra, Advisor to the President of Colombia, known as Bitcoin the “most good piece of software program ever,” in an interview with CyptoPotato.
Through the interview, Sierra Castro clarified that his job is to advise the President on all issues associated to expertise and digital transformations. In that gentle, the nation has turn out to be extra targeted on Bitcoin.
“I approached Bitcoin as an incredible open-source challenge. After a while, I additionally received within the financial innovation that it represents, and I’m nonetheless discovering wonderful new issues day by day,” Sierra Castro mentioned through the interview.
He continued, “At present, one of many fundamental focuses is round cryptocurrencies. We have now an revolutionary sandbox the place we enable exchanges to succeed in the residents in a straightforward and safe means. The thought is with the data collected on this sandbox to have a pleasant regulation that incentivizes innovation and attracts funding.”
Castro Sierra confirmed the depth of his understanding of Bitcoin by speaking concerning the 50% drop in hash fee in wake of China’s mining ban. He famous that the community “reacted because it’s presupposed to,” elevating the chance that miners who remained on the community and plugged in through the migration would succeed. The hash fee has since recovered, he identified.
Castro Sierra additionally spoke to El Salvador’s Bitcoin adoption. He known as it a “daring transfer.” He didn’t communicate as to if the nation of Colombia would think about adopting Bitcoin as authorized tender.
The Advisor’s bullish feedback come within the wake of a Summer time of South American international locations, akin to Paraguay and Argentina confirmed an curiosity in Bitcoin adoption and mining as a hedge towards rampant inflation, and in offering renewable sources of energy for miners migrating out of China.