Crypto in Latin America in 2021

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In 2021, Latin America noticed a hovering rise in crypto adoption among the many 20 nations and 14 dependencies that make up the area.

A slew of conferences, associations, new rules and nonfungible token (NFT) initiatives in addition to the worldwide bull market made final 12 months an intriguing one for the area.

Let’s check out a number of the most attention-grabbing developments within the blockchain and cryptocurrency ecosystem in Latin America in 2021.

Colombian monetary corporations companion with crypto exchanges

Early in 2021, the Monetary Superintendence of Colombia authorized several partnerships between banking establishments licensed within the nation’s monetary system and cryptocurrency exchanges.

The 9 partnerships included main names from the cryptocurrency business akin to Binance and Tyler and Cameron Winklevoss’ Gemini. 

The regulator mentioned that these approvals have been made inside a regulatory sandbox for testing technological options on the earth monetary market and could have a trial interval of as much as one 12 months.

Crypto recognition in Latin America

In 2021, the fast development of digital currencies led some Latin American nations to formally acknowledge their use as a cost instrument, regardless of their repute for volatility. El Salvador’s official recognition of Bitcoin (BTC) as authorized tender — a world-first — made waves not solely in Latin America however the world over.

Salvadoran President Nayib Bukele’s Bitcoin Regulation was permitted by a majority vote within the nation’s consultant physique, the Legislative Meeting, and got here into impact in September.

In August 2021, Cointelegraph reported that the Central Financial institution of Cuba was expected to recognize cryptocurrencies akin to Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Tether (USDT) for industrial transactions and investments.

The president of the Central Reserve Financial institution of Peru, Julio Velarde, announced in November that the nation will partner with the central banks of India, Hong Kong and Singapore to develop its personal central financial institution digital foreign money. 

Blockchain occasions in 2021

Because of lockdowns and subsequent confinement through the COVID-19 pandemic, many blockchain firms and organizations reevaluated their methods and took to our on-line world to fulfill up and attend conferences.

Blockchain Summit Latam

The Blockchain Summit Latam convention is taken into account to be probably the most vital crypto occasions in Latin America, selling the crypto and blockchain ecosystem within the area. In September 2021, its fifth version hosted 100 knowledgeable audio system from the broader ecosystem.

Over 5 days, greater than 60 digital areas hosted seminars and discussions centered on blockchain expertise. The matters included infrastructure and purposes, the Ibero-American ecosystem, enterprise, decentralized finance, blockchain within the conventional monetary system and extra.

LaBitConf

In November 2021, the ninth version of the Spanish-speaking Latin American Bitcoin and Blockchain Conference, also referred to as LaBitConf, was held. The convention mixed face-to-face and digital conferences, and the agenda featured greater than 150 business consultants giving greater than 40 shows on matters akin to Bitcoin mining, the way forward for exchanges in Latin America, regulation, and privateness and safety, amongst others.

Cripto Latin Fest 

In December, the fourth version of Crypto Latin Fest mixed on-line and in-person conferences over two 14-hour days that includes talks and seminars with consultants within the cryptocurrency area.

Notable people from the crypto ecosystem in Latin America — akin to José Rodríguez, director of Blockchain Land at Expertise Land, and Elian Huesca, group lead for Latin America at Bitso — lined matters akin to blockchain, stablecoins, cybersecurity, legality, DeFi and crypto adoption.

Blockchain Land

The large Spanish-language Blockchain Land convention — introduced by the identical firm that produced Expertise Land Latinoamerica — launched for the primary time in 2020 and was broadcast concurrently within the Decentraland and Cryptovoxels metaverses.

The occasion, held in April, was one of many largest Spanish-speaking occasions and was thought-about to be probably the most modern, because it was broadcast concurrently in two digital worlds current on the Ethereum blockchain the place the customers may work together, communicate and community.

NFT growth in Latin America

Final 12 months, nonfungible tokens took off in Latin America and across the globe.

In September, Argentine NFT market SeSocioNFT opened up shop, selling and promoting items from Latin American artists. The platform reportedly plans to adapt items created by numerous artists into NFTs in order that they will then be bought on {the marketplace}.

The NFT growth led to the first digital art gallery in Ecuador, NFTs Exhibition UIDE hosted on the Worldwide College of Ecuador. The gallery was open from Nov. 24 till Dec. 23 and displayed round 40 works by 4 Ecuadorian artists and 15 foreigners, valued at $160 million in whole.

A collective of Venezuelan artists generally known as La Tokenia, inaugurated their NFT exhibition on the Tezos community in December.

In the meantime, in November, the Colombian authorities signed a mining contract with the Nationwide Mining Company that was registered as NFT on the Ethereum-compatible GoChain blockchain.