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Bitcoin a Reliable Alternative in Latin America

Latin America

Bitcoin is a phenomenon that has introduced a better way to transact for citizens all around the world. Due to a tumultuous recession affecting Latin American economies, the region’s residents are embracing the digital currency as local citizens and businesses try to curb economic woes. According to a recent editorial from the Latin American Post Bitcoin is surging in popularity throughout many countries across the region........

 ...........it still may be a few years until the digital currency takes hold across the entire region. Bitcoin is allowing employers the means to pay workers with the digital currency and exchanges are alive and well in Brazil and Mexico. In some developing regions within Latin America, citizens need to rely on transnational brokerage services to attain the cryptocurrency as regulatory policy varies from one country to the next. For instance in May of 2014, the Central Bank of Bolivia issued a resolution which banned Bitcoin from use. The legislated policy 044/2014 prohibits using any currency that’s not legal tender or issued by the Bolivian state. Bolivia is not the only Latin American state to forbid the utilization of the permissionless cryptocurrency as Ecuador has done the same. In fact, Ecuador has planned to create its own digital currency with attempts to reform Ecuador’s banking system.........

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