Over the years, while many cryptocurrencies, especially BTC, have found many ways of their own, one of the best things BTC has done is provide a financial avenue for a large number of people. large unbanked population in the world. This has been demonstrated in developing markets where large numbers of people who have an impact on the economy still do not have access to the country’s financial infrastructure or are victims of corruption. high-level corruption and cannot use fiat currency. The use of BTC in Latin American countries is entirely appropriate in this context.
During a recent Q&A session, Bitcoin advocate Andreas Atonopoulos showed how to maximize the benefits of cryptocurrencies like Bitcoin for the unbanked in Latin America. He also pointed out that Bitcoin’s influence in many places remains “quite limited.”
According to the Global Findex Database, countries like Colombia have more than half of the population in this case, and other countries in Latin America are in a similar situation.
However, Antonopoulos emphasized that the way people over 30 are perceive BTC as a temporary solution because they do not have a long-term plan.
“Most people over 30 consider this [Bitcoin] to be an easy currency so it probably won’t last long and with some doubt they will immediately withdraw and convert it to Argentine pesos. or buy everything as fast as you can.”
Interestingly, doubts about whether BTC is a safe solution are likely to grow as digitization continues rapidly and reports also indicate crime is on the rise. move operations to the digital and cryptocurrency space. As a recent report published by Insights stated:
“The financial threat in Latin America is that organized crime groups are gradually turning their fields of activity to crypto to launder money and into the dark web to hire hackers. Latin American countries also top the list of countries with the worst money laundering in the world.”
Over the past year, countries like Colombia have become among the countries that have recorded the highest declines in AML scores according to the Basal Institute on Governance.
Many other countries like Argentina and Chile, despite seeing an increase in Bitcoin usage, are still very poor in enacting strict laws to prevent crypto from becoming a breeding ground for criminal gangs.
For some people, this adds to their doubts, making them afraid to use BTC, so they need to stay away from the things that dominate their psychology and need to reduce the situation.” do not have a bank account”.