ADOPTING Cryptocurrency IN SOUTH AMERICA | Current reality | Regulations is near | (ENG)

By nachomolina | nachomolina | 20 Jul 2019

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Bitcoin keeps investor in distress in the last period with unstable behavior between sudden ups and downs. Last June it reached $ 13,800 which compensated for its downward trend during 2018, where its value was around $ 4,000.

Today it stands at 9,584.92 US $ (data extracted on July 15, 2019, coingecko.com) which represents an acceptable value, but keeps us alert to another possible change that may affect all the cryptocurrencies that are governed by the value of this digital asset.

Some experts say that its recovery was due to the announcement of the creation of "Libra" by FB, but others do not see it that way and bet that bitcoin has behaved according to the reality of the global market.

While the adoption of the cryptocurrency is a consolidated fact in countries such as: Switzerland, Japan, Ukraine, The Netherlands, just to mention a few, I wonder: What has been the financial impact of bitcoin in countries of South America? where the demand for cryptocurrency is something relatively new and that is growing rapidly.

Up to now there are no regulations to the cryptocurrency on the part of the governmental entities; In some countries such as Argentina, Chile and Colombia, the recommendations suggested by the FATF are still a subject of study and a sensitive issue for encryption investors since they see it more as a threat than as a corrective aspect.

"You can imagine how difficult it is to fight, on the one hand, with the volatility of bitcoin and its positioning in the crypto space and on the other hand, to have to take action against possible regulation by national authorities and the action of intergovernmental organizations. as the FATF."

Surely, some investors in South America would have to choose to invest in foreign markets that guarantee the stability of their funds, since even the exchanges remain alert to the outlook of the region.

By doing research on the countries of South America, which have adopted the cryptocurrency as a financial means, this information has greatly contributed to me.

In Argentina, the use of bitcoin has a high level demand where the Argentine Central Bank manages the possibility of giving legal course to the cryptoactives,

not being the case of Colombia who despite the massive adoption of virtual assets and their social acceptance as a means of payment, the government says that the use of the cryptocurrency has no legal backing and does not bear any equivalence with the national currency (Colombian peso).

Chile, meanwhile, cryptocurrency also has an accelerated growth, but experts in crypto-finance recommend regulating this trade because its use becomes speculative, since it allows the purchase of bitcoin with Chilean pesos which could reach move the national money.

Peru represents the nation with the lowest boom in the area of encryption, perhaps, motivated by the ignorance of the majority in the issue of decentralization, which have preferred to remain attached to traditional financial systems;

for its part Venezuela created the Superintendence of Cryptoactives and Related Activities, which generates some legal support from the government on virtual assets in this nation.

(Information consulted at the source: mundo.sputniknews.com)

After this panoramic view of the current situation of the cryptocurrency in South America I can ask:

HOW WILL THE ACCEPTANCE OF CRYPTOCURRENCY IN THE COMING YEARS?
WILL MASS ADOPTION BE POSSIBLE IN ALL OF SOUTH AMERICA?
WILL THE AUTHORITIES ALLOW THE USE OF ENCRYPTION ADJUSTED TO A LEGAL FRAMEWORK?

I think it is a great challenge for all the South American countries to integrate the cryptocurrency as a financial asset with so many details to conclude, we hope that the faith deposited by the people in the adoption of the cryptoactives will be taken into account as the economic model that revolutionizes their lives.

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