Latin America has become one of the regions, which increasingly adopts the cryptocurrencies and, which advances in technological adoption where, its main attraction is the market of crypto assets (remittances), without leaving aside the increase in ATMs, the incursion of digital currencies in financial entities, or, for example, the acquisition of credits backed by cryptocurrenciesThese, among other alternatives, that are emerging more and more in the region, and that in turn, capture the interest and acceptance of users.
Although it is true that the region still has to overcome some regulatory lags in several of the Latin American markets that prevent safe and rapid adoption, “Cryptocurrencies have managed to position themselves as an option that tries to respond to financial inclusion and greater economic interaction in the region”, highlights in its statement, the consultant, Consiglieri.
An example of this cryptographic evolution, highlights the consultancy, is the legalization of operations with cryptocurrencies in The Savior and the bill that is being processed in the Chilean parliament, which aims to recognize and regulate cryptocurrencies in that country.
This regulation of digital currencies in Chile, presented by the deputy Karim Bianchi, would consent to the fact that workers receive their salary in these digital currencies, as well as the extension of the infrastructure of ATMs and commercial establishments that accept cryptocurrency Bitcoin (BTC) as a means of payment.
On the other hand, and in this context of the South American country, companies such as Buda.com has contributed its grain of sand for the advancement of the cryptographic ecosystem. Recently, as revealed by the consultant’s statement, the company launched for users residing in Chile, the possibility of acquiring credits in local money, backed by cryptocurrency BTC, a service that exchange offered for the first time in the region and that it plans to expand in the future to other countries where the company operates.
In this regard, the CEO of the company, Guillermo Torrealba, highlights that he is pleased with the acceptance of this new service in the country, which once again demonstrates the scope that the crypto industry can have.
“Buddha Credits is the most important product we have launched in recent years, because it shows how far the cryptocurrency industry can go in its process of replicating the benefits of the traditional financial industry. On the other hand, it demonstrates the direction that Buda.com is taking. We have had a spectacular reception of the product in Chile, because it allows the user to access liquidity with an investment that they do not need to give up”.
However, yesThere are several projects within this crypto ecosystem that show that each time the appreciation is changing in a positive way towards the reception of technologies blockchain and the opening from the public sectors towards the exchange of tokens.
Another example of this is the discussion of the bill that is carried out in the Senate of Paraguay, to legalize the BTC as legal tender. Meanwhile, in the Senate of Brazil (Bill 230/15 has already been approved) and in the Argentine Parliament, currently, work is being done on the regulation of digital currencies.
For its part, in Colombia from the official sectors they have been changing their position towards cryptocurrencies, progressively. The Financial Superintendence published, at the beginning of last year, the guidelines for the public sector to adopt operations supported by the blockchain, and launched the Arenera project, with which some centralized banking entities in the country will be allowed to serve as channels for users to trade digital currencies. Additionally, cryptocurrency exchanges like Bitso, Buda.com, and Binance work with partner banks on the pilot project.
At the same time, in the region, the cryptocurrency market is developing a traditional physical infrastructure. An example of this are ATMs, Crypto-ATM, although not with such a developed dynamic as in other international markets, such as U.S The Japan, the region currently has a market of 82 bitcoin ATMs.
The adoption of cryptocurrencies in Latin America, is still incipient, and their development in the coming years will depend on how the regulatory framework evolves in the region and the level of acceptance and interest that cryptocurrencies have in users.