During this Thursday’s session, among the most important topics, the relevance of wallets in access to crypto was highlighted.
Blockchain Summit Latam Colombia includes three days to learn, connect and visualize opportunities that blockchain technology offers us in various areas such as government, banking and financial services, international trade, decentralized finance, NFT, Metaverse, web3, among others.
Access to Cryptocurrencies and the Exploration of Wallets was one of the most notable forums of the day at BSL 2023. As expected, wallets and their different functionalities are fundamental for the adoption of cryptocurrencies.
The forum featured a group of experts and entrepreneurs from the business of virtual currencies and the blockchain. These were Manuel Beaudroit, CEO of Belo, Marcelo Cavazzoli, CEO of Lemon, Edwin Zácipa, founder of Latam Fintech Hub and Luis Ocegueda, director of Engineering at Trust Wallet.
The forum members discussed topics of great interest that have to do with the way people land in this market. Emphasizing Latin America, they highlighted that the space has a huge number of portfolios, but there is a lack of clear regulation.
Access to Crypto and the Role of Regulations
Like most BSL 2023 forums, crypto access and digital wallets focused primarily on the Latin American subcontinent. Beaudroit assures that adoption in the region depends on several factors such as education to remove people’s fear.
Beaudroit states that the tax view of cryptocurrencies as money plays a very important part. Thus, he explains that many people who are not necessarily enthusiasts or knowledgeable about cryptocurrencies tend to adopt them for many reasons.
As an example, there is the case of remote workers, who use crypto platforms to receive their payments. It should not be lost sight of that some traditional digital money platforms are expensive in terms of commissions. In the case of those related to the crypto sector, the great advantage is the low costs.
“The fact of digitizing money resets people’s minds and that helps a lot,” he said.
For his part, Cavazzoli believes that decentralization must go hand in hand with regulation. In his opinion, this will allow decentralized and traditional finance to work with the same purpose.
These elements touched on at BSL 2023 are now one of the great debates in the crypto world, given that user access depends on them.
Regulation as a Driver of Cryptocurrency Adoption
The representative of Trust Wallet, Ocegueda, highlighted that previously people entered the wallet and saw the transfer companies and did not recognize them. However, other recognized firms were recently added and that gave more confidence to users.
Therefore, the presence of recognized brands encourages people to have peace of mind when adopting crypto services. Ocegueda emphasizes that all this goes through regulation. Large companies are not willing to get involved with unregulated actors and that is so far the big obstacle to people’s access to the crypto world.
Definitely, an important factor that will expand, mature and normalize the cryptocurrency industry in Latin America is the active participation of governments in the regulation and promotion of the market.
Latin America represents a revolutionary region for the cryptocurrency and blockchain industry, and is poised for even greater growth. With proper regulation, the region can become the world leader in efficient real-world applications for cryptocurrencies.
In any case, experts agree that the conditions for progress are present in the subcontinent. The number of service companies based on virtual currencies and wallets are increasingly sophisticated. All of this rise occurs despite the current bear market.
By Audy Castaneda
