All these Latin American countries want to adopt Bitcoin…and quick |

Latin America is a region that is well-known for its strong tradition of embracing new technology, especially when it comes to financial systems. Many Latin American countries have their own indigenous native currencies, as well as cryptocurrencies like Bitcoin. Countries like Colombia, Peru, Ecuador, Chile, and Argentina have all adopted Bitcoin as their official currency. But this was not enough for some countries, as they want to adopt Bitcoin as their official currency, or are considering it.

Despite the lack of a clear regulatory framework on digital currencies, most countries in the region are favourably disposed towards the potential of digital currencies. A few days ago, Paraguay became the latest country to consider adopting digital currencies. Brazil, Argentina, Chile, Colombia, Peru and Ecuador have already indicated an interest in adopting digital currencies.

The Latin American region has gained a lot of influence over the cryptocurrency landscape. The region is home to most of the world’s Bitcoin users, and it has also become one of the main areas for mining cryptocurrency for a lot of popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Dash. The region is expected to continue to grow in the cryptocurrency market as well.

Mexican senators Eduardo Murat Hinojosa and Indira Kempis may be at the forefront of the race to legalize bitcoin (BTC), but a lot can still happen between now and the next announcement of legal tender status. Mexican government officials are already ready to propose regulations on crypto-currency in the Chamber of Deputies, while Panamanian officials are preparing to tackle the issue in the National Assembly.

House of Representatives

Two pro-bitcoin Mexican senators are expected to present their proposal to regulate cryptocurrencies in the House of Representatives, Kempis said in a tweet, confirming that she will be a wingman in the plan to launch bitcoin permanently, initially announced by Eduardo Murat Hinojosa. Mexico: two senators speak out in favor of bitcoin; propose to introduce a regulator for crypto currency in the Camara of Deputies – DiarioBitcoin https://t.co/TNwFakclSL – Indira Kempis of I. (@IndiraKempis) June 10, 2021 In Mexico, the Chamber of Deputies of Congress is the lower house of the federal legislature. To change the regulation of cryptocurrencies, the two senators will have to challenge the current fintech law that regulates two types of businesses, electronic payment institutions (EPIs or e-money issuers) and crowdfunding institutions. Under current law, both types of institutions are allowed to trade in cryptocurrencies approved by the Bank of Mexico.

National Assembly of Panama

Meanwhile, Gabriel Silva, a congressman in Panama’s National Assembly, announced on Twitter that he plans to propose legislation to make the country accept bitcoin and cryptocurrencies. This is important. And let’s not forget Panama. If we want to be a true center for technology and entrepreneurship, we must support cryptocurrencies, Silva wrote in his tweet, adding that he will work on preparing a proposal to submit to the Panamanian National Assembly. This is very important. Panamá no se puede quedar atrás. If we want to become a true hub for technology and entrepreneurship, we must support cryptocurrencies. We are working on a proposal to present to the Assembly. If you are interested in building it, please contact me at https://t.co/yiAzPpD9nj. – Gabriel Silva (@gabrielsilva8_7) 7. June 2021 In addition to Panama and Mexico, other Latin American countries are jumping on the bandwagon to introduce bitcoin for good. They have their own representatives who are willing to challenge the current regulations. The Bitcoin team consists of Fabio Osterman and Gilson Marquez from Brazil, Jehudi Castro-Sierra from Colombia, Carlitos Rejala from Paraguay, and Francisco Sanchez from Argentina. Football and cryptocurrencies have two things in common, the rest of the world will have to sweat to keep up with the fastest!

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Over the past year, Bitcoin has gained quite a bit of traction in Latin America. There are now over a dozen major Latin American countries that have taken steps to make Bitcoin legal and/or recognize it as a legitimate currency, with a few more expected to join the list in the near future. In Mexico, the country’s central bank recently declared that  it isn’t going to ban Bitcoin, and plans to study the digital currency’s role within the country’s economy. In Argentina, the government is still discussing the pros and cons of Bitcoin, but when the decision is made, it will most likely be in the favor of Bitcoin.. Read more about chainalysis latin america and let us know what you think.

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