It's an artificial pond created by accident when a dam was erected to protect the region from mudflows that might occur from the nearby volcano on mountain.
The blue color of the pond has not been fully explained but is attributed to the presence of aluminum hydroxide in the water that reflects the shorter wavelength blue light the same way the earth's atmosphere does.

The color of the pond changes depending on what angle you look at it from and even at different times of the day.
The water appears blue when viewed from the land, but the color is not found in the water itself.

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