The two elements that a Latin country needs to implement cryptocurrencies
The digital money it had a difficult 2022 with a lot of volatility and mistrust on the part of users. For this reason, in 2023, the objective of companies such as Binance is to bet on the localization of the use of cryptocurrencies and the blockchain to give a value offer to people, especially in Latin America.
The exchange has several projects to launch, taking into account that in countries like Colombia, legislation to regulate digital currencies is in process. For this they were in a stage of education during 2021, which served as a basis for users and the development of strategies.
These are the two bases legislation Y educationwhich allow companies in the sector to develop their plans and consolidate cryptocurrencies in people’s daily lives, showing them the differential point that ends mistrust.
“The first step was to provide knowledge about the market. What follows is to find the facility so that customers can make a deposit and withdrawal from their bank in a much more effective way”, he stated. Daniel Acosta, CEO of Binance to Colombia a TechMarkup.
This would be the main framework to start the localization. Eliminate friction in financial processes so that users, especially those who are less knowledgeable about the subject, use cryptocurrencies in a similar way to their money in a bank account.
An example given by the manager is the physical card that was implemented in Argentinawith which customers can make payments in commercial establishments, to whom they are consigned in the local currency, but the user is given the discount in the cryptocurrency that he has predetermined.
Another case is that of international remittances, how is it doing? The Savior that regulated the Bitcoin as a legal tender, which helped to eliminate the collection of commissions and was of great value to citizens.
But for acostaall based on “how the regulation issue evolves” in each country, because the projects not only focus on payment issues “but how with blockchain we can help improve processes in different industries.”
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Legalization of cryptocurrencies
In Colombia is under discussion Law 139 of 2021, which is what will allow digital currencies to be considered as virtual assets “with the potential to be used as a means of exchange for goods and services”, although not as legal tender as is the case in El Salvador.
However, for Binance This project has many positive points. “We are pro-regulation when it is responsible regulation. We know that for us as an exchange it is better to know what is that set of rules with which we can play in the market and we adapt, obviously what we always say is that these decisions are made knowing the market so that innovation in the market does not end. country,” Acosta said.
Among the strongest points that the company sees that are under discussion are, for example, that “they are ensuring that the exchanges that offer services in the country have the correct cybersecurity measures” so that customers have their money protected.
Also “we really like that channels are established to report certain amounts of transactions to prevent money laundering.” Issues that they consider essential to “clean up the bad actors of the system.”
A whole panorama that extends to other countries in the region, such as Brazil that legalized cryptocurrencies as a method of payment, Panama is advancing in regulatory debates and The Savior which already has several defined policies, but progress continues in the requirements for companies that want to operate there.
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