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How Bitcoin Will Promote Latin American Growth
There has been a lot of buzz about Bitcoin and how authorities and businesses in China and the United States have responded to it, but there may be even more interesting possibilities ahead for this currency and other cryptocurrencies. The Wall Street Journal published an article a week ago about the apparent division that exists in Latin America. Atlantic-facing countries have more command-oriented economies, while Pacific-facing countries, with the exception of Ecuador and Nicaragua, have more market-oriented economies. Latin America has become the continent of focus on a global scale, with European growth suppressed and the Asia-Pacific region already welcomed into the global economic conversation. Alternative currencies will play out in Latin America and affect both sides in different ways. At the end, Bitcoin and Latin American growth will go together as both are in the spotlight at the same time and cryptocurrencies (including Bitcoin) will give Latin American businesses and entrepreneurs the opportunity to operate on the same terms as the rest of the world.
Major state-oriented economies of Latin America
These countries have economies that are more committed to national interests. The most extreme state-controlled economy on this list is Cuba, which has a communist regime that has made modest concessions to economic liberalization. Venezuela has arguably the second most extreme state-run economy and is in the midst of a socio-economic and political crisis. Argentina has had its fair share of instability and command-driven economic events thanks to President Cristina Fernandez de Kirchner, including price controls, the Falkland Islands ownership drama, 26% inflation, police strikes and the nationalization of YPF. few measures. Brazil is always afraid to fall back on its old ways and currently there is still a lot of bureaucracy and taxation is quite higher than other countries.
Important market-oriented economies of Latin America
Mexico’s drive to attract and grow business isn’t limited to Mexico City, but Guadalajara has been highlighted as a growth destination in the digital and tech space, much like Bogota is an established economic powerhouse in Colombia and Medellin’s budding youth. , digital power. Mexico is currently the 14th largest economy and growing. Mexico is still plagued by drug cartels because the demand for drugs across the northern border still exists. Ciudad Juarez is plagued by cartel-fueled violence that is considered so bad that the Sun Bowl has strongly discouraged visitors from traveling across the border as a college bowl game. was an opportunity to promote both El Paso, Texas and Ciudad Juarez for tourism and business.
Colombia is still fighting the FARC, but is clearly winning the battle after President Uribe’s term. The FARC is more confined to the jungle areas of Colombia. Active peace talks with the FARC are also being negotiated to some extent. Colombia’s economy has a lot of room for growth in terms of agriculture, energy, finance, tourism and digital technology.
Belize is actively courting Americans to buy real estate in the country to market its pristine beaches, tax policies and fluency in English. Belize has a lot more growth to do and needs to shake off stigmas.
Chile is considered number 1 in economic freedom in Latin America by the Heritage Foundation. Chile enjoys a trade surplus, a key central bank rate of 4.5%, which would be attractive to investors outside of Chile. Trading the Chilean peso can be a worthwhile endeavor for those looking to take advantage of carry trades against countries/economic zones with extremely low interest rates such as the United States, the European Union, and Japan. Chile has low inflation and has policies that favor not only copper exports but other exports to help maintain a surplus. Morgan Stanley expects Chile, Peru, Colombia and Mexico to grow by an average of 4.25% in 2014.
These countries do not face outbreaks of looting, fights over toilet paper, nor do they have leaders trying to escalate action against another country.
Bitcoin’s Impact on State-Oriented Economies
Currency controls exist in all of these state-oriented economies. Venezuela and Argentina are notorious for price controls. The influence of the Brazilian government in the economy stems from its excessive influence, possible corruption problems, and inflationary concerns. Entrepreneurs, investors and ordinary individuals will look to the market to satisfy their needs. Associated with these state-oriented economies is rationing, bureaucracy, high costs, and possible surveillance. Bitcoin and cryptocurrencies will satisfy the needs of many people who have access to the Internet.
Global competition in countries that wish to be more isolated has negative consequences, but the use of the Internet and the ability to conduct transactions in a possibly untraceable manner in the global market will allow citizens competitive prices to obtain the goods and services they need. Venezuelans will be able to buy toilet paper from foreign sources without having to use a currency that is grossly devalued. Venezuelans will also have the opportunity to engage in business while still in Venezuela to finance their efforts and eventual defection to other countries such as Colombia. More than 26% of Venezuelans use the Internet daily. Venezuela has not filtered the internet yet and buying Bitcoin is much safer than holding Bolivar.
The use of Bitcoin could relieve the government of a tight grip on the economy by making its presence unnecessary by adopting a private currency. Less tax revenue can be collected, a populace that is armed financially and perhaps literally (you could buy anything on the Silk Road), and the reduced influence of political leaders and enforcers as the use of cryptocurrencies goes viral. This thought process can be applied to Venezuela-lite in Argentina, an economy with great potential.
Brazil’s economy could grow further as businesses gain more exposure overseas and overcome the exotic issue of sovereign currencies. The 2014 FIFA World Cup and the 2016 Olympics will put a lot of pressure on the Brazilian economy to grow and hold. Lower transaction costs, familiarity with the currency, and national ambivalence among Bitcoin customers will help Brazilian firms looking to do business outside of Brazil. With a large influx of tourists and businessmen coming to Rio de Janeiro and São Paulo, the acceptance of Bitcoin and other cryptocurrencies will remove the barriers of having to convert currencies and engage in secure purchases. Brazil may be a more command-oriented economy like Argentina, but global expectations and aspirations should push it away from past tendencies.
For state-oriented economies, Bitcoin and its competitors offer greater freedom, monetary security, business opportunities, transaction security, and privacy. In the case of Venezuela, this could trigger a change in governance similar to the way social media is credited with reviving the Arab Spring. Much of the problems surrounding Venezuela are economic in nature, and the black market is a natural alternative. Preventing seizure of assets by keeping them in a digital wallet in the cloud is much safer than keeping funds in a bank regulated by the Venezuelan government.
Bitcoin’s Role in Economic Growth for Pacific Countries
Entrepreneurship, as described in the previous section, is on a smaller scale than it can be in Colombia, Mexico, Chile and Peru. Colombia and Mexico have cities pinning their hopes on global players in the digital space. Attracting businesses from Europe, Canada and the United States would be easier with lower exchange and transaction fees. Credit cards and PayPal impose transaction fees on users who wish to make international transactions, and this fee would be reduced.
Latin American outsourcing may see growth as call centers, R&D firms, and independent contractors are able to not only bid competitively as they do now, but would be able to accept Bitcoin and other cryptocurrencies, which will lead to more business. It’s not a fad, it’s about making the transaction easier and cheaper. Fewer barriers to purchase will lead to sales and help Latin American businesses go global, which can lead to growth in venture capital.
Bitcoin will lead to greater international business transactions for Latin America and enable economic growth. The benefits are different for these countries because the need for stability is not urgent, but rather these countries have an insatiable appetite for growth. Entrepreneurship, global competition, lower transaction fees, transaction security, competitive supply, better economic development and changing perceptions are all benefits of cryptocurrency adoption in these countries. A startup in Medellín or Cartagena may compete with a firm in Toronto and another firm in Indianapolis for a service contract. The big benefit is removing nationality obstacles from the transaction and focusing only on the services provided and related costs.
Consumers in these countries also win because they would gain purchasing power as some items are more expensive in their domestic markets than in foreign markets. Ex-pats and immigrants can send money to family members in their home country in a simple, cheap, fast and secure way. This can help boost local economies.
Bitcoin and other cryptocurrencies are helping to make the world smaller, just as aviation, the internet, telecommunications and social media have done. Cryptocurrencies support globalization, and Bitcoin will help provide this opportunity to Latin America, which is eager to compete and grow in the global market.
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