The digital money It had a difficult 2022 with a lot of volatility and mistrust from consumers. For this reason, in 2023, the goal of such companies as Binance is betting on localizing the use of cryptocurrency and blockchain to provide a value proposition to people, especially Latin America.

The exchange has several projects to launch, given that legislation to regulate digital currencies is under development in countries like Colombia. For this, they were in the education stage during 2021, serving customers and developing strategies.

These are the two bases Legislation i Educationwhich allows companies in the sector to develop their plans and integrate cryptocurrencies into people’s daily lives, showing them a difference that breaks the distrust.

“The first step was to provide knowledge about the market. The next step is to find a way for customers to make deposits and withdraw them from the bank in a much more efficient way,” he said. Daniel Acosta, Executive Director Binance that Colombia A Infobae.

This will be the main framework to start the localization. Eliminate friction in financial processes so that consumers, especially those who are less knowledgeable about the matter, can use cryptocurrencies like money in a bank account.

An example given by the manager is a physical card that is implemented Argentinawhereby the user can make payments to commercial establishments to which they are sent in local currency, but the user is given a discount in the cryptocurrency he has pre-determined.

The second case is the case of international remittances, how is the case? Savior that regulated Bitcoin As a legal tender, it helped eliminate the collection of fees and was of great value to citizens.

But for that AcostaEverything is based on “how the issue of regulation develops” in each country, as the projects not only focus on payment issues “but how we can help improve processes with blockchain in different industries”.

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Legalization of cryptocurrencies

In Colombia It is under consideration Law 139 2021, which will allow digital currencies to be considered virtual assets “with the possibility of being used as a medium of exchange for goods and services”, although not as legal as in El Salvador.

However, for Binance This project has many positive points. “We are in favor of regulation when it is responsible regulation.” We know that it’s better for us as an exchange to know what the set of rules are that we can play in the market and adapt, obviously what we always say is that these decisions are made by knowing the market so that innovation doesn’t end in the market, the country.” Acosta said.

One of the strengths the company sees under review, for example, is that “they ensure that the exchanges that offer services in the country have the right cyber security measures in place” so that users can protect their money.

Also, “we really like that channels are being created to report certain transactions to prevent money laundering.” Issues they see as essential to “cleaning out the bad actors in the system”.

A whole panorama that extends to other countries in the region, e.g Brasil to legalize cryptocurrencies as a payment method, Panama advances in the regulatory debate and Savior which already has some defined policies, but progress continues in the requirements of companies wishing to operate there.

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