Bitcoin has been steadily gaining in popularity in the South American continent for years now. The country of Argentina has already toyed with the idea of legalizing it, and in Venezuela the digital currency is the main form of payment for many necessities. Ecuador, Mexico, Chile, Colombia, Paraguay, Peru and Uruguay have all recently announced that they are interested in adopting Bitcoin as a form of currency for their own country.
Latin America is perhaps the most pro-Bitcoin and cryptocurrency-friendly region in the world. Because of its vast network of commerce, its close proximity to the US market, and its low-entry barriers to entry, Latin America is almost certainly the most promising region for bitcoin and cryptocurrency adoption. This is not because of the wealth of the region—the region is poor, and its residents live on roughly $4.5k per person, just under the $6k threshold for extreme poverty.
Latin America is one of the fastest growing regions in the world. There is a large and growing population of Spanish speakers, a young population, and most people are willing to learn about cryptocurrency.
Mexican senators Eduardo Murat Hinojosa and Indira Kempis may be at the forefront of the race to legalize bitcoin (BTC), but a lot can still happen between now and the next announcement of legal tender status. Mexican government officials are already ready to propose regulations on crypto-currency in the Chamber of Deputies, while Panamanian officials are preparing to tackle the issue in the National Assembly.
House of Representatives
Two pro-bitcoin Mexican senators are expected to present their proposal to regulate cryptocurrencies in the House of Representatives, Kempis said in a tweet, confirming that she will be a wingman in the plan to launch bitcoin permanently, initially announced by Eduardo Murat Hinojosa. Mexico: two senators speak out in favor of bitcoin; propose to introduce a regulator for crypto currency in the Camara of Deputies – DiarioBitcoin https://t.co/TNwFakclSL – Indira Kempis of I. (@IndiraKempis) June 10, 2021 In Mexico, the Chamber of Deputies of Congress is the lower house of the federal legislature. To change the regulation of cryptocurrencies, the two senators will have to challenge the current fintech law that regulates two types of businesses, electronic payment institutions (EPIs or e-money issuers) and crowdfunding institutions. Under current law, both types of institutions are allowed to trade in cryptocurrencies approved by the Bank of Mexico.
National Assembly of Panama
Meanwhile, Gabriel Silva, a congressman in Panama’s National Assembly, announced on Twitter that he plans to propose legislation to make the country accept bitcoin and cryptocurrencies. This is important. And let’s not forget Panama. If we want to be a true center for technology and entrepreneurship, we must support cryptocurrencies, Silva wrote in his tweet, adding that he will work on preparing a proposal to submit to the Panamanian National Assembly. This is very important. Panamá no se puede quedar atrás. If we want to become a true hub for technology and entrepreneurship, we must support cryptocurrencies. We are working on a proposal to present to the Assembly. If you are interested in building it, please contact me at https://t.co/yiAzPpD9nj. – Gabriel Silva (@gabrielsilva8_7) 7. June 2021 In addition to Panama and Mexico, other Latin American countries are jumping on the bandwagon to introduce bitcoin for good. They have their own representatives who are willing to challenge the current regulations. The Bitcoin team consists of Fabio Osterman and Gilson Marquez from Brazil, Jehudi Castro-Sierra from Colombia, Carlitos Rejala from Paraguay, and Francisco Sanchez from Argentina. Football and cryptocurrencies have two things in common, the rest of the world will have to sweat to keep up with the fastest!
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In the past, South America has been known as the land of the rising sun. But there is also a lot of potential in the continent. This year, the region will host the Latin American Olympic Games, which is why certain countries in the region are working to become cryptocurrency ambassadors. In fact, the World Bank has recognized this potential and has published a report which classified some of these countries as having the highest GDP per capita in the world.. Read more about chainalysis latin america and let us know what you think.
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