The adoption of Bitcoin (BTC) in El Salvador sparked a digital asset revolution in Latin America, and the region could earn more if people could exchange cryptocurrencies, fiat money and future central bank digital currencies (CBDCs) on the same infrastructure, the leader said. Uphold multi-currency investment platform.
In an interview with Cointelegraph, Uphold CEO J.P. Thieriot noted that the nature of life in Latin America demands the use of bitcoin, and said the region will benefit more as crypto adoption continues to grow.
Venezuela and Colombia are two of the most popular cryptocurrency advocates in the region along with El Salvador. Other countries are closing the gap very quickly, Terriott explained, with El Salvador acting as a catalyst. Of the 7 million Uphold users, 1.4 million are Hispanics, and the region’s high adoption rate continues to attract players from all over the world.
He said bitcoin will be accepted mainly by those without a bank and those who send or receive remittances. However, CBDC will be more popular than the largest cryptocurrency for sellers. He added, “It is understandable that many companies prefer something stable for transactions, but portfolios will be more profitable than Bitcoin.”
“With appropriate channels of conversion between bitcoin, US dollars and any potential digital cryptocurrency digital currencies, users can really use the currency that best suits their use situation.”
Speaking about central bank digital currency, Terrio noted that not all countries need to create their own digital currency, as it would be easy to adopt an existing one. He added that the main goal for Latin American countries should be a functional system in which anyone in the region can simply switch between assets.
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As Thieriot mentioned, Latin America saw a huge growth in crypto funding in 2021. Mexican crypto exchange Bitso became the region’s first unicorn cryptocurrency with a $250 million Series C capital increase in May.
Mercado Bitcoin, a Brazilian cryptocurrency exchange, has completed a massive funding round, securing $200 million for SoftBank. “This is amazing and we expect there will be more to come,” Terrio commented, adding:
“Just as non-banking banking is one of the most important philosophical and practical pillars of cryptocurrency, it could mean giving people access, for the first time, to financial services that rival or outperform everything in the old system.”
This means that remittance-dependent households do not need remittance companies to withdraw 10-20% of their income, Terriott said. This means that virtually anyone can start building an investment portfolio. This will radically change the standard of living. “