As we see Blockchain start making the news big time across the globe, it is hard to think of a country or corner of the world that has not been positively impacted already. There are many positive news stories breaking out.
There is a real mix when it comes to take up of the latest technology in South America and like Africa, the impact that Blockchain could have will actually be life changing if it is adopted and implemented well. The financial situation in South America is not its best hence Cryptocurrencies have already taken off in a bid to improve the financial stability of the region.
Here we take a closer look at a few of the places that Blockchain and the digital economy is already making its magic be felt in South America:
The Black Sheep
Venezuela has basically set up its own Petroleum-backed Cryptocurrency just to navigate around the sanctions that have been implemented by the United States. Secondary to this, the country has also faced inflation which has literally gone through the roof – another fundamental reason to roll out Cryptocurrency Petro. The government had absolutely no concerns in getting the ball rolling and set up in order to stabilise the country a little more. One Petro is effectively supported by one whole barrel of oil which Venezuela is famous for. Not surprisingly oil is the greatest asset for the country and has been relied upon an awful lot over the years. It is now taking the next step with the new generation of finance.
So Chile Leads
Chile has certainly been championing Blockchain technology recently. In fact it is well in the front over this side of the world. The country has been keeping abreast of Blockchain and Cryptocurrencies for a few years now. The country saw its first government exchange (Bitcoin-pesos) financed and then released three years ago. So the latest in technology and the digital economy is certainly not a new concept here. Further more, last year worldwide giant IBM joined forces with the country’s largest stock exchange – Santiago – to support with the implementation of further Blockchain projects. Chile is already well down the line with Blockchain supporting its national power grid.
The Brazilian Powerhouse
Brazil is also up there when it comes to working with Cryptocurrencies and Blockchain. This is in terms of both the roll out of them and their regulation. The latter being of vital importance especially nowadays when quite a few countries are finally dipping their toe into the regulation side of things. One very surprising fact is that more people actually have a Cryptocurrency trading account than have a brokerage account in Brazil. This has to be one of the very few countries that can say that statement. The Cryptocurrency industry is huge here with nearly half a million users registered on their Cryptocurrency exchange Foxbit. Only 12 months ago, this number was sat at 100,000 registered users. A phenomenal uptake in a year.
It is fabulous to see how fast things are moving and how well Blockchain and Cryptocurrencies are being adopted now by even the most unexpected parts of the world. Long may this trend continue.