There is a controversy in Bolivia over the legalization of cryptocurrencies, and both the movement of socialism (MAS) and the Citizens ‘ Community (CC) have submitted bills supporting this initiative, and this has led to a long discussion about the possible benefits and challenges that this measure may entail, the Venezuelan channel “Telesur” said.
The channel pointed out on its website, that at the moment, cryptocurrencies do not have legal recognition of persons and legal entities in Bolivia, a factor that could open the door to their use in illegal activities, and the draft laws seek to address this legal gap by creating a regulatory framework that includes the obligation to register people involved in cryptocurrency transactions.
The channel explained that the purpose of this law is to regulate crypto assets and financial technology by establishing guidelines for them, defining their characteristics and encouraging the adoption of technological innovation related to all financial activities involving the exchange of crypto assets on virtual platforms and trade between people, which contributes to the adoption of “new technologies that reduce the gaps of social and economic inequality,” as stated in Article 1 of the draft law on the regulation of crypto assets and financial technology.
In addition, it would simplify transactions for exporters, importers, the tourism sector and entrepreneurs, international examples, such as the installation of cryptocurrency ATMs and their use for tips in Peru, demonstrate the economic potential of this technology.
A study conducted by the ConsenSys Foundation, which specializes in technological and electronic devices, showed that the world’s population highlights the positive aspects of the bitcoin system, and said that the results of opinion polls and the study showed the great enthusiasm among Latin American residents, especially in Brazil, Argentina and Mexico, about the use of bitcoin.
A fifth of the world’s population currently owns some digital asset, while there is a great public willingness to continue investing in the ecosystem over the next twelve months, according to the study.
The study revealed that Latin America received 562 billion dollars in cryptocurrencies between July 2021 and June 2022, which means a growth of 40% compared to the same period last year, based on these figures, this region includes five of the top 30 countries in this market: Brazil (seventh place), Argentina (13th place), Colombia (15th place), Ecuador (18th place) and Mexico (28th place).
A steady increase in the use of digital currencies has been recorded throughout Latin America, and the new payments index shows that 51% of consumers in Latin America and the Caribbean have made at least one transaction with digital assets, and about 54% are optimistic about the performance of digital assets as an investment.
