Uphold CEO J.P. Thiriot believes that Latin American countries will become leaders in Bitcoin adoption due to the large number of people without access to banking services.
JP Thieriot (JP Thieriot)
statedthat the introduction of financial instruments using cryptocurrencies will bring Latin American countries to a new level of development. If people can freely exchange cryptocurrencies, fiat money and digital currencies of central banks in a single infrastructure, this will help the development of the region in the field of finance and digital technologies.
Thiriot noted that the adoption of bitcoin in El Salvador served as an impetus for the proliferation of digital assets in Latin America. Venezuela and Colombia are considered the most loyal countries towards bitcoin, besides El Salvador. However, other countries in South America are already catching up with them. Of the 7 million Uphold users, 1.4 million are Hispanics, according to the Uphold CEO, and that number continues to grow. Of particular interest in bitcoin are people who do not have access to banking services, as well as those who send and receive money transfers.
“Many organizations prefer to use stable assets. But it should be taken into account that money transfer operators unfairly “confiscate” 10% -20% of the income of families dependent on such transfers. Therefore, if there are corridors for payments using bitcoins, US dollars and potential digital currencies of central banks, users will be able to choose the form of money that is convenient for them personally, ”said Thiriot.
Of government stablecoins, Thiriot said that countries do not have to create their own digital currency, as it would be easier to accept existing digital assets. He believes that the main goal for the leaders of Latin American countries should be to create a functional system, thanks to which anyone can easily conduct transactions with any type of asset, be it cryptocurrencies or ordinary money.
This year, Latin America has seen a significant increase in funding for the cryptocurrency business. For example, in May, the Mexican cryptocurrency exchange Bitso raised $ 250 million in a series C funding round, and also became the main provider of cryptocurrency services for the Chivo wallet, developed by the government of El Salvador. In addition, the Brazilian marketplace Mercado Bitcoin also raised $ 200 million in funding in July.
Recall that in August, the Uphold exchange announced plans to issue a Mastercard debit card with a cashback of up to 5% in XRP in cooperation with GlobalID.