The issue of cryptocurrencies in Latin America is something that is just beginning to start even though there are certain countries that have taken steps forward to implement them within their economy such as El Salvador (so far the only one to legalize it as a national currency within its territory), but in general it is still unknown and of little interest to its population, and I will explain it better by focusing on Venezuela, which is the country in which I currently live.
In Venezuela the following happens, the topic of cryptocurrencies is still unknown by its inhabitants except for some who already have time investigating and making use of these as a means of payment and sources of savings in order to avoid the measures and blockades imposed by the government of Nicolas Maduro Moros, but that is only a small percentage that uses it; the rest of the population can get an idea because the media makes mention of the subject due to the great ups and downs in the price of Bitcoin (the most emblematic currency among all cryptocurrencies), and for those media celebrities such as Elon Musk. On the other hand, what has also contributed to the lack of popularity of this issue is that the vast majority of commercial businesses do not use it except for a few (both large and small businesses) that have decided to have it as a means of payment as well as payment processors such as Paypal. But, the Venezuelan government has shown interest in implementing it but has not made a final decision for reasons that I am completely unaware of, it has only legalized a kind of digital currency called "Petro", and that it is subject to the value of Venezuelan oil. Its results have not been as expected for them or for anyone else.
What the Venezuelan government has taken the initiative and decision to be directly involved with cryptocurrencies is to create its own mining farms, and these have affected to a certain extent the absorption of energy from the national electricity system in the midst of the crisis in this sector that serves the entire Venezuelan population. It is also worth mentioning that the government created a governmental organization so that all the miners would be registered in order to have control and records of their activities.
And as I said before, part of the population that does know about this issue is also due to the economic crisis affecting the country, many Venezuelans have had to look for jobs through the Internet, in which they can receive payments in Cryptocurrencies and thus they can increase their economic income to be able to buy food, being the most important thing at this time.
As for the rest of the Latin American countries, it can be said that El Salvador is the first country in the region that took an important step in its legalization and use because it will allow its inhabitants to receive money from abroad, being mainly the United States the place that has has has a high Salvadoran population. This could help to facilitate money transfers quickly and in large amounts. Countries such as Colombia already have Bitcoin ATMs so that real money can be withdrawn by people who need it. It is speculated that soon the Central Bank of Cuba could also legalize its use, although a part of its population also knows about it and uses it.
In conclusion, we can say that little by little the legalization and use of cryptocurrencies in Latin America is going very slowly, that the use of them is born by the interest of the same population due to the need and ease have decided to have them for everyday life.
As for me, I came to know about cryptocurrencies thanks to the Internet, when I was talking to other people. To this day I use them and I have something saved for emergencies, and I hope to get more with my work to be able to face the economic crisis that has been present in my country for several years.
Friends, without further ado, I bid you farewell. I hope this topic will be of interest and useful to you. You can leave your doubts and opinions in the comments box, I will be glad to read them.
See you in the next installment.
See you soon.
Source of the images:
https://pixabay.com/es/photos/criptomoneda-concepto-blockchain-3409725/