Cryptocurrencies in Latin America have taken part in almost all of its countries, where transactions with cryptocurrencies are already legally allowed. There are still some exceptions, such as Bolivia and Ecuador that refuse to give cryptocurrencies free transactional capacity.

In Bolivia, the use of cryptocurrencies was expressly prohibited by the National Executive. In Ecuador, restrictions on the use of crypto were also established; referring to a statement from the Central Bank, that cryptocurrencies do not constitute an authorized means of payment in the country.

Another country that maintains prohibitions against Bitcoin is Brazil. Its population has a very broad interest in the usability of digital currencies; however, the state maintains that Bitcoin and other digital currencies are high-risk assets. In this way, the state has established a series of prohibitions so that investment funds do not carry out transactions with Bitcoin or any other cryptocurrency. However, despite the latter, Brazil is the Latin American country with the most cryptocurrency users.

On the other hand, there are other countries in Latin America that do take advantage of many of the advantages offered by cryptoactives in different social sectors; as for example, in Mexico, they are used in agricultural production.

Digital currencies in Mexico

Mexico ranked as the first country in Latin America with the highest growth in the use of cryptography. In Mexico it is estimated that 6% of Internet users are concurrent to cryptocurrencies.

In this way, they have corresponding legislation for the control of digital currencies: it has been called the Fintech Law in its enactment. This law is aimed at guaranteeing the functionality and commercialization of cryptocurrencies; on the other hand, it deals with the consequences of cases of fraud, money laundering and financing of terrorism.

One of the most outstanding events regarding Cryptocurrencies in Latin America takes place in Mexico precisely. Through the Innovation Laboratory of the Inter-American Development Bank, financing for USD 600,000 has been approved to develop EthicHub. It is a technological platform that will connect small agricultural producers who are unbanked.

Cryptocurrencies-Latin America – Crixto

Venezuela and its own digital currency

In the midst of a strong economic recession, the National Executive announced the arrival of the Petro; a cryptocurrency backed by the value of the production of oil, gold and various natural resources of Venezuela.

The Venezuelan state has not only limited itself to the creation of the cryptocurrency; It has also developed an entire government structure to provide the necessary support for its mining. In this way, a study plan has been designed for young people interested in Blockchain technologies; so that they learn everything that derives from the meteria. As these youngsters prepare to mine Petros, they receive a grant from the state.

Likewise, the Venezuelan state has designed policies that make the use of cryptocurrency merely necessary. This is the case of the payment of the passport document or its renewal before the Autonomous Identification, Migration and Immigration Service (Saime); where the payment of the administrative emolument must necessarily be paid in Petros.

In Colombia they are used without law and without problems

For its part, Colombia is another of the countries in which cryptocurrencies in Latin America have left a notable mark. The use and commercialization of Bitcoin and other cryptocurrencies have had a potential scope; making trade evolve and offering great advantages for different sectors.

However, the lack of knowledge of people regarding the functioning of digital ecosystems, also the lack of a consistent legal framework; as well as the ambiguity of government agencies, mean that the development of cryptoactives does not reach fullness in the country.

In this way, it can be said that the use of cryptocurrencies in Colombia is an illegal practice, due to the lack of contemplation of the activities in the law. Even so, it is a situation that intends to be addressed by several congressmen and enthusiasts who work hand in hand to prepare a bill that opens the way for Blockchain development in Colombia.

Thus, these are some of the countries where the passage of cryptocurrencies through Latin America have caused considerable changes in their social structure. Despite the fact that the appearance of Bitcoin dates back to 2009, and it can be considered a relatively new technology, its development has been seen in broad strokes in all parts of the world.