The Imminent Progress of Cryptocurrency for Legal Bidding

The encoders They do not return to the land Specialized Investors Or a small group of nerds to attract the attention of governments, private banks, central banks, large corporations of all kinds and even football stars, a sign of impending expansion in exchange Cryptocurrency.

Implementation of measures that establish Bitcoin as legal tender in savior On September 7, 2021, the predictions of crypto enthusiasts that companies and countries will soon agree to implement encouraged cryptocurrency enthusiasts exchanges with these assets.


“It is definitely a new financial system because there are many people who are leaving traditional banking to move into the world of cryptocurrency.”

Oswaldo Reyes

Financial specialist focusing on cryptocurrency

Reyes refers to decentralized finance, a financing system Open and global seeks to open these services to anyone with an Internet connection as an alternative to an opaque and strictly controlled system of banks and other financial entities, as defined by the portal Ethereum.org.

But with all the enthusiasm, professionals realize that the performance Bitcoin Law In El Salvador this particular cryptocurrency is proven to be accepted as a payment currency through any trade and gives a reward of $30 bitcoins per Salvadorian through the app Chivo . wallet.

On the first day of running this “big experiment” in the Central American country of about 6.4 million people, elements such as the collapse in the value of bitcoin and the unavailability of digital wallets in stores appeared. Applications Suggests that this is going to be a process that it should be Adjustments.

However, it is not excluded that this process that is being tried in El Salvador will be repeated in other countries and even those financial authorities From countries, specifically from Latin america, take more active positions with crypto assets.

30

Dollars in Bitcoins given to each Salvadorian by the government of that country through the Chivo Wallet app to start operations of this cryptocurrency as fiat currency

“There is a lot of movement from Regulatory trends About cryptocurrencies in Latin America, a project exactly for the characteristics that El Salvador has, but if many governments take a more active stance on cryptocurrencies, there is a recognition that a well-regulated and well-implemented technology can produce a lot social benefits So there is an important regulatory focus going towards blockchain and cryptocurrency,” explains Santiago Alvarado, Vice President Noun for business.

See also  AMLO meets with US Senators and Chargé d'Affairs

But more than governments and financial authorities, those who take the lead in using cryptocurrencies are private banking Among them are JP Morgan, Citibank, Goldman Sachs, and BBVA; Entrepreneurs and even high profile cases such as the Argentine footballer Lionel MessiAs part of his new contract with Paris Saint-Germain, he acquired a number of digital assets known as Fan Codes.

“A use case where this is actually happening in the world of remittances and International Payments, that is, companies that charge for their services abroad or pay suppliers or employees abroad who can also use this technology. Alvarado says the specific benefits of why doing this in cryptocurrencies is better than fiat currencies is that you can make payments in real time and at very low commissions.”

In fact, in cities in the United States and Canada, it is increasingly common to see companies bearing signs claiming to accept cryptocurrencies, Reyes details.


An open and global financial system that seeks to open these services to anyone with an internet connection as an alternative to the opaque and tightly controlled system, which is how decentralized finance is defined.

Mexico at a slow pace in cryptocurrency

In the country, it appears that the use of crypto assets average speed It will be marked to a large extent by the demand for a job that accept these payment methods, although there are quite a few a job Who deals with them, Reyes points out.

“In less than six months, we will witness drastic changes in the Mexican economy But the finer point is that at the moment if entrepreneurs such as gas stations, oxxus and retail stores do not start taking action to receive cryptocurrency, because this is a generational issue, future consumers will look for the bar. Or the store that receives cryptocurrencies. This actually works in the US as a very natural method.”

See also  The presence of Mexicans in international organizations is decreasing

The financial specialist points out that entrepreneurs love Ricardo Salinas Bligo They expressed interest in receiving cryptocurrency in their business, despite the fact that the Ministry of Finance warned after their statements that the use of cryptocurrencies is not allowed in the country’s financial system.

You can also read: Treasury puts ice in Bitcoin fever: “Cryptocurrency is not legal in Mexico”