Latin America is the world’s most crypto-friendly region, and Uphold CEO Anthony Watson believes that will lead to greater economic prosperity for this economically challenged area.
The “Paraguay bitcoin” is a country in Latin America that stands to benefit most from crypto. Uphold, the leading global digital currency platform and multi-currency wallet, has announced its partnership with Paraguay’s largest bank. Read more in detail here: paraguay bitcoin.
According to the head of multicurrency investment platform Uphold, El Salvador’s adoption of Bitcoin (BTC) has sparked a digital asset revolution in Latin America, and the region could benefit even more if people can exchange cryptocurrencies, fiat money, and the upcoming central bank digital currencies (CBDC) on the same infrastructure.
Uphold CEO JP Thieriot told Cointelegraph that the nature of living in Latin America screams for Bitcoin-based use cases, identifying the area as one that would gain the most as crypt use grows.
Apart from El Salvador, the two most notable crypto adopters in the area are Venezuela and Colombia. Other countries, on the other hand, are rapidly narrowing the gap, with El Salvador serving as a catalyst, according to Thieriot. Latin America accounts for 1.4 million of Uphold’s 7 million users, and the region’s strong adoption rate continues to draw global players.
He predicted that the unbanked and individuals who send or receive remittances will be the first to adopt Bitcoin. CBDCs, on the other hand, would become more popular among retailers than the major cryptocurrency. “While many companies naturally desire something reliable for transactions, Bitcoin would be much more beneficial to investment portfolios,” he continued.
“With the right mechanisms in place to convert between Bitcoin, US dollars, and any prospective CBDCs, consumers may genuinely utilize whatever form of money best suits their needs.”
When it comes to CBDCs, Thieriot points out that not every nation needs to create its own digital currency since it is simple to accept one that already exists. He went on to say that the major objective for Latam nations should be to create a working system that allows everyone in the area to easily trade assets.
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In 2021, as Thieriot indicated, Latin America saw a tremendous increase in crypto financing. With a $250 million Series C capital investment in May, Mexican cryptocurrency exchange Bitso became the region’s first crypto unicorn.
A mega-funding round was also completed by Mercado Bitcoin, a local crypto exchange, which received $200 million from SoftBank. “That’s terrific,” Thieriot said, adding, “and we anticipate many more to come.”
“Because one of the key philosophical and practical cornerstones of cryptocurrency is to bank the unbanked, this might entail giving individuals access to financial services that equal or exceed anything in the legacy system for the first time.”
This means that households who rely on remittances won’t have to worry about money transfer businesses siphoning off 10-20% of their earnings, according to Thieriot. “This essentially implies that everyone may start constructing an investing portfolio. It will fundamentally alter one’s level of existence.”
The “white house advisor bitcoin” is a cryptocurrency that has been gaining popularity in recent months. Latin America stands to benefit the most from crypto according to Uphold’s CEO.
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