Crypto companies in Latin America are exploring ways to use blockchain technology and digital assets to solve regional challenges.
for deeper analysis of benefits and risks.
To fight inflation in Argentina, cities such as Buenos Aires and Mendonza started accepting cryptocurrencies for tax payments. At the same time, Santa Fe Provinceactivities to raise funds for rail infrastructure upgrades. These may be timely initiatives given that Argentina's inflation rate is forecast to be 73.5% at the end of 2022, according to FocusEconomics panelists.
"Argentina is becoming a hub for bringing tech development and resources to Latin America from the rest of the world," said Ryan Dennis, senior manager at Stellar Development Foundation."This naturally flows into blockchain development with a large number of startups in the country and thus a growing number of developers and founders working together in blockchain and crypto.
Another reason contributing to the rise of tokenization of financial assets is the high-interest rates in the region. Most Latin American countries have double-digit interest rates, which prompts investors to seek assets with predictable returns and less volatility. This is an ideal scenario for financial companies working on tokenization andMusic and art tokenization are also trending in Latin America.
Crypto industry challenges in the region are similar to those seen worldwide: A lack of education about blockchain technology, insufficient regulation, and a deficit of trust."The firms and projects that will lead the crypto in Latin America next year will be the companies thoughtfully addressing the need for increased transparency and trust," noted Bitso's spokesperson.
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