By John Caldwell, Director of Advocacy, CasinoCoin Foundation
Do you trust me? You don’t know me, so why would you? What about your brother? You’ve known him your whole life. What about your brother’s friend Fred? Do you trust him? You’ve met him a couple times – he seems like a good guy. What about Fred’s friend Bob?
Would you lend your brother $5? What about $50? $500? Does your answer change if I remove your brother’s name and put Bob’s name in his place? Does your answer change depending on the amount?
What if you didn’t have to distinguish between Bob and your brother? What if they were on equal ground in terms of trust.
What if not having to trust anyone brought you closer to other people?
Crypto is about trust and control. A lack of need for one and an abundance of the other.
When it comes to blockchain technology, cryptocurrencies, and the potentials of those two technologies, the most compelling region in the world to watch how this will develop may just be Latin America. Why you ask?
LATAM might have the most interesting combination of the territory that could use the technology the most, while having the most barriers to entry. This will not be easy. But it might benefit the people of the region the most.
While the news narrative around crypto and blockchain still focuses on the froth existing in the crypto trading markets, the underlying technology is developing at a pace where we will see robust applications and protocols that change the way the people of the world live their lives this year. Not five or ten years from now. How quickly adoption occurs will depend on how quickly the people act, and how comfortable they operate in an unclear regulatory environment. Bitcoin and many other digital currencies are still quite ‘clunky’ and challenging to work in – especially for those without sufficient computer skills. Still, if this new technology offers great benefit to people, they will figure it out.
Note the key to this is how quickly and comfortably the people choose to act. Not how quickly the government, banks, and other infrastructure pieces choose to act. Therein lies the challenge for those infrastructure pieces.
There are currently more than 30 crypto exchanges focusing on the region and countries like Argentina, Brazil, Colombia, Panama, Paraguay, and Mexico already have machines that allow buying and selling of Bitcoin.
In LATAM, the fact that a lot of technical infrastructure is still developing will present possibly the biggest hurdle to people. That and how aggressive governments choose to be with any anti-crypto enforcement rules. The regulatory piece will also come slowly in LATAM, but will speed up very quickly if real adoption begins to occur.
I’ll be discussing the legal future of crypto on June 1st at the Juegos Conference in Miami along with Loyra’s very own Patricia Lalanda. It will be an interesting discussion. Trust me.