What’s the Crypto Industry like in the LatAm Region?

We are bombarded by crypto news coming from the US, Europe, Australasia, and even Africa but we feel the unknown when it comes to South America.

Is there not much going on in the region or we just don’t get the information?

Recently, I’ve been traveling across Brazil and checked out the situation to understand what stage of adoption the country is experiencing and the result was frankly disappointing.

Even the recently elected President Jair Bolsonaro informed the world a few days ago that he does not even know what Bitcoin is.

Unfortunately, the announcement reported by Cointelegraph comes with bad news for the indigenous people of Brazil who now face the termination of a project worth 44.9 million Brazilian reals ($11.5 million) between the National Indian Foundation (FUNAI) and the Federal Fluminense University (UFF).

The project was supposed to promote the creation of a cryptocurrency for the indigenous people to use but went through controversy as was apparently being funded by taxpayers’ money. Also, was being delivered with very superficial technical and financial analysis. These, apparently, are the reasons behind the rejection by the government.

To the crypto world, this shows how poor investment is currently even being considered by Brazil authorities but also reflects how little is known about the digital currencies or the blockchain throughout the country. I had this feeling during my investigation in the South American country. The people I asked, if they knew or owned any cryptos, had only heard about it on the news but knew nothing about them.

Argentina seems to be offering more action. Just a few days ago Bitcoin reached ATH against the pesos national currency, due to uncertainty related to October 2019 presidential election.

Moreover, it’s only a few months old the news that Argentina settled agricultural chemicals export deal worth $7,100 with Paraguay, accepting payment in Bitcoin.

Venezuelans are also said to store Bitcoin against the terrible hyperinflationary situation of their national currency, the Bolivar, which recently reached a record rate of 150.000%.

In my opinion, though, the crypto world has always been very optimistic about Bitcoin usage by the Venezuelans as reports from the region are usually very uncertain and vague that can never be totally reliable.

In light of the situation, a desirable awakening seems to be approaching the region with some institutions finally starting to look into the crypto world and take some action.

Liun WU, co-chairman of Carrier Blockchain Study Group (CBSG) identified Latin America as an area full of potential for the technology, prompting the organization to launch a campaign of recruitment and promotion in the region.

He reckons it has the potential and could benefit massively from blockchain especially in international mobile financial transactions and in terms of secure identity verification.

The Dubai-based organization currently has wide operations in the US, Asia, Middle East, and Africa but has been missing opportunities in the LatAm region and now suggest they are looking at including an area that is often forgotten in terms of focus and investments.

Surely, something is moving in the right direction but there is still a lot to do to promote adoption everywhere, especially in South America.

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