It is slow in passing but nobody tells us the game anymore due to the continuous and permanent use of these cryptocurrencies Latin America has advanced in various aspects compared to the rest of the world.
As crypto assets grow and establish themselves as competition from traditional currencies, countries join the matter. In his agendas it already seems to be, it is an inevitable point.
In Europe and other developed countries around the world, trust in digital currencies as a means of payment is not as broad. In fact, due to the continuous and permanent use of these cryptocurrencies, Latin America has advanced in various aspects compared to the rest of the world.
This is because ultimately, people use Bitcoin and other cryptocurrencies as a monetary alternative because it fundamentally solves the problems and provides coverage against the instability of the fiat currency.
But let's remember that cryptocurrencies in general are still in Latin America in a very crude legal environment, with a lot of fabric to cut ahead, where only a handful of countries in the region have taken the initiative to establish the corresponding legal framework for development of the ecosystem in an orderly manner.
In Argentina The representative of Blockchain, considers that this technology will evolve. In this sense, industries must accept that it will be modified and that it is a technology that will mature over time.
Like any disruption, blockchain encounters some obstacles on its way. Effective implementation requires identifying and planning the use case that will accompany the business in whatever area.
Blockchain technology allows the construction of inviolable digital records for transactions involving multiple parties. The objective: to achieve maximum transparency in electronic operations, since it guarantees that those involved have the latest information available in real time and that it cannot be altered or deleted.
This technology will revolutionize the health, education, music and foreign trade industries, among other areas.
He also emphasized that the different industries that resort to it must be aware that they will have to make changes in their structures in order to be able to do so, be at the level of the challenges and benefit from the results that this technological revolution will bring, such as Blockchain technology.
Blockchain is known to have come into the world as the accounting record of bitcoin. Today its uses far exceed cryptocurrencies. It has a revolutionary role, providing standardization, a platform and a common language among various participants in an ecosystem. It is more efficient, as there is less friction and costs and it gives this immutability component to the register, which in turn allows it to be perfectly traceable from the source. You have to understand the use cases and develop human resources.
the President and General Manager of IBM Argentina expressed that: "Technology is no longer just the solution, it is the platform so that innovation continues to be the engine of creativity and talent." And that was said a year ago, things have evolved.
And it is that the cloud is one of the enablers of this explosion of solutions that use different technologies such as artificial intelligence, the Internet of Things and blockchain and that accelerates the arrival of cognitive companies in different industries and sectors.
A great example today is the aggressive proposal of the Toks Restaurants chain in Mexico, which use the Simba Chain smart contracts platform to register and track every coffee bean that has bought, processed, packaged and sold Toks with in order to ensure the integrity of its coffee supply chain and thus better differentiate the products it sells.
In this case, the Simba Chain Smart Contract as a Service (SCaaS) works with some of the most popular blockchain platforms in the ecosystem such as Ethereum, RSK, Stellar and Hyperledger, among other protocols.
The Blockchain market is expected to grow at an annual rate of 68% in a five-year average with more than USD 1 trillion of earnings estimated for 2025, according to data revealed by the WikiBrands firm.
Without a doubt, with the new post-COVID-19 times, the food sector will be one of the largest use cases for blockchains, and those platforms that allow the execution of smart contracts may play a leading role in product traceability. usually.
For now, the use of Blockchain technology in various productive sectors is revolutionizing the methodology of processes as we currently know them.
Another good example is the consumer-oriented mobile application called Thank My Farmer, which extracts information directly from blockchain technology, in a standardized way that can be used throughout the industry.
The product developed by the Farmer Connect traceability platform that harnesses the potential of IBM Blockchain is currently used by the National Federation of Coffee Growers of Colombia.
In this context, there are several examples worldwide on the use of Blockchain technology for the traceability of coffee beans from the field to the table. With the entry into the scene of Blockchain technology, a registrar can register your product from the moment it extracts the harvest and carry out all the information of its distribution to the restaurant or housewife table that will taste its flavor and smell.
Regarding cryptocurrencies
CHILE
The Internal Revenue Service (SII) in Chile announced a series of changes in the applicable tax definitions for the cryptocurrency industry, with the intention of further regulating the operation of companies that offer services for digital wallets and currency exchange.
In this sense, it forces financial companies within its territory that operate with cryptocurrencies to inform their clients that virtual assets are not legal tender and therefore do not have the support of the federal government or the Central Bank of Mexico.
ARGENTINA
When we look at Argentina, for example, it is easy to understand why a stateless currency without manipulation is attractive.
The southern country, despite not yet having legal recognition, is advanced in this area. It has commercial ATMs in Buenos Aires, a lot of bitcoins movement and the community of cryptocurrency adepts grows rapidly, which forced the government to work on creating a law. From the Central Bank (BCRA), the Financial Information Unit (UIF) and the National Securities Commission (CNV) are observing the issue.
MEXICO
Other regions of Latin America are also experiencing significant problems in Mexico. The Mexican Law to regulate financial technology companies (Fintech Law) promulgated in March 2018, deals with operations with “virtual assets”.
BRAZIL
This has been one of the permissive economies for cryptocurrencies worldwide, but the Brazilian economy has been hard hit by the pandemic, which has resulted in the population in this country examining how cryptocurrencies could be used as an option to long-term savings and as a means of transacting across borders.
VENEZUELA
From the crisis that the country is experiencing, the Venezuelan government decided to bet on cryptocurrencies as a way out. Today the relationship with them is valuable but he had his stumbles during the implementation of his "petro" token.
Ultimately Blockchain and cryptos become a viable alternative. Now we will see what happens when the cage is opened.
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SOURCES:
https://eng.ambcrypto.com
https://www.ccn.com
https://es.cointelegraph.com
https://www.diariobitcoin.com
https://cryptodaily.co.uk
https://crypto.u.today/ethereum
https://cryptorank.io/news
