The cryptocurrencies They have gained a space in public discussion and have shown that they have the potential to expand rapidly in regions such as Latin America; However, regulations in this regard can severely limit its penetration, experts and industry participants agreed in the conference The Future of Crypto Assets, an international look towards 2022.
During the event, organized by the global network FinTech Connector, specialists agreed that during 2021 it was demonstrated that innovation in cryptocurrencies can overcome any legal attempt to regulate it, so it will not be easy for governments to create a regulatory framework that mitigates risks and, in turn, allows healthy development of this ecosystem.
“I think we are living a very exciting stage, we are in an early stage and the cryptocurrency ecosystem is growing rapidly. By 2022 it will be very interesting, we will see a little of everything, but it would start from a premise that this world of cryptocurrencies was consolidated and became a reality that interests the world, ”said Diego Ramos Castillo, partner of the Ramos, Ripoll & Schuster firm.
For Eloisa Cadenas, CEO of the firm CryptoFintechThis year, with El Salvador’s adoption of bitcoin as legal tender, it was demonstrated that many countries in Latin America can follow the same path.
“As a result of this decision in El Salvador, then there is the possibility of not adopting a bitcoin law, but probably a greater openness, that seems to me that for Latin America … It seems to me that bitcoin and blockchain open the door to a new one. employment generation industry with this decision (from El Salvador) ”, Cadenas said.
According to Cadenas, Mexico has shown signs of growth in the cryptocurrency ecosystem, which is a tune in Latin America, given the benefits that these tools have compared to the traditional financial industry.
Latin America is a key point for the cryptocurrency industry and we will continue to see exponential growth due to the benefits that these tools can eventually provide, ”explained Cadenas.
In this context, Ramos Castillo, stressed that, although Mexico created a legal framework to regulate these crypto assets, putting distance between these tools and the financial system has been a cause for there not to be a widespread adoption despite the interest of financial institutions to try these innovations.
“The use of crypto assets is growing in Mexico … but we are having a limitation that will undoubtedly generate a significant lag on the part of financial institutions, because beyond risks or no risks, there is a clear positioning of the authority that it causes any financial institution not to be encouraged to participate in this type of activity ”, explained the partner of the firm Ramos, Ripoll & Schuster.
Ramos Castillo pointed out that, in other parts of the world, financial institutions seek to coexist with cryptocurrencies and the limitation that exists in Mexico, by not allowing these entities to offer services with these tools to the general public, causes a significant lag with respect to other countries.
For best practices
Currently, the cryptocurrency market has a valuation close to 2.5 trillion dollars, with the existence of 14,667 virtual currencies. For specialists, regulations that are created in different parts of the world must seek the principle of best practices for the benefit of users.
“There will be countries that do not love the topic of cryptocurrencies, but at the end of the day there will be countries where they do, and that is where better regulatory practices can be carried out,” said Yoliztli Gutiérrez, founding partner of the firm YG Consultores.
For Álvaro Castro Lora, a lawyer specialized in innovation, cryptocurrencies have undoubtedly advanced to the point of attracting the attention of governments to create similar solutions, such as virtual currencies of central banks, and thus correct the problems of the traditional financial system.
“There are problems that have not been solved and continue to be solved, so the reaction of governments to cryptocurrencies has been to issue their digital currencies, because they know that they cannot compete against the use of cryptocurrencies for payments, for remittances, transfers. , because there are lower costs and speed ”, stressed Castro Lora.
In his intervention Alejandro Canseco Álvarez, partner of the firm Ramos, Ripoll & Schuster, one of the topics that has caused the most controversy are stablecoins, which are linked to an underlying asset to reduce volatility in their value. In this context, the specialist noted that this poses a new regulatory challenge, given the innovation in these instruments.
Reference-www.eleconomista.com.mx