Uruguay, like all South American nations, is taking important steps in terms of crypto assets, this year it has already been the focus of important news in the region such as the installation of cryptocurrency ATMs in its territory, and pronouncements from its Central Bank regarding to the treatment that digital assets should receive.
In this sense, after making progress in the first half of the year, the Cointelegraph en Español team has talked with Adolfo Varela, director and founder of inBiertoa Uruguayan technology company in the cryptocurrency and blockchain technology sector, in order to learn in detail the current situation of the crypto ecosystem in Uruguay and their opinions on various topics that have sounded in recent months in the sector.
Crypto news in Uruguay
First of all, Valera was asked about the status of crypto regulation in Uruguay, knowing that at the beginning of the year the Central Bank published the document “Conceptual framework for the regulatory treatment of Virtual Assets in Uruguay”, and nothing more has been known about it. Worth for your part responded that recently, the Central Bank of Uruguay finished preparing its study and regulation proposal, which it has already submitted to the Ministry of Economyhinting that a clear position of the entity regarding crypto assets in Uruguay will be known very soon.
“It is understood that the Executive Power will send it to the National Parliament to study it together with the projects presented by Senators Sartori and Sanguinetti”commented.
In this sense, Valera also spoke about the adoption and behavior of the use of ATMs for cryptocurrencies in the Uruguayan citizen, saying that day by day there is an increasing interest in using and installing ATMs throughout the countrythis being the reason that Inbierto is now working on a round of capitalization to install ATM “Throughout the national territory”.
Likewise, Valera, as a representative of a crypto technology software company, was asked what his opinion was regarding the development or growth of crypto or web3 software in Uruguay and he mentioned the following: “The Uruguayan software industry represents 1,500 million dollars annually made up of all development areas. We see a potential increase in this figure as a result of the interest in developing web 3 and blockchain products.”
That said, he also mentioned, pointing to growth, that there are also project proposals and alliances with other crypto and non-crypto companies interested in getting involved in the sector. “We have occasionally had an increase in inquiries and budgets for the development of projects and alliances with traditional companies that seek to get involved in some way or another in the crypto world.“, said.
“We also have a very good relationship with top-tier crypto companies”Valera added.
Cryptocurrencies and the metaverse
Regarding the role he believes that cryptocurrencies and blockchain technology can play in the metaverse, He stated that he is still not very clear about the future of what the metaverse will be, because in his opinion, the functionality that cryptocurrencies have will depend a lot on thishowever, stated that he understood that the use of blockchain will be the same as in real life. “Financial uses, governance and more”said.
The dominance of CBDCs
Regarding the CBDC, the Director of InBierto also described them as something imminent in many countries, as the only possible way out for the states that intend to exercise better control over the use of money.
“For now I prefer Tether”expressed Valera, who also said that Uruguay was the first country to experience something similar to CBDCs with the e-Peso.
“I understand that Senator Sartori made a query and raised the possible use of CBDC in Uruguay. I do not know the formal intention on the part of the Central Bank to implement at the moment”he stated.
About hacks in DeFi
Regarding the DeFi sector, Valera took the opportunity to point out the hacks suffered by various protocols and bridges in recent months. For him, DeFi is part of the ongoing revolution, and its virtues are also its disadvantages.
“They are exposed to a lot of bad guys who are looking to take advantage of vulnerabilities. I think that both attacks and hacks affect the entire crypto ecosystem. People who understand less but are attentive to news may think that the entire ecosystem is vulnerable when in fact it is not,” she commented.
“I think attacks on DeFi will decrease as time goes on, no question. Although the evolution of technology is accompanied by the evolution of the knowledge of those who seek to violate, but I understand that like everything new, as time progresses they will improve and be safer”he pointed out.
Cryptocurrency market news
Finally, Adolfo Valera also shared his opinion on the current situation of the crypto market and the price of Bitcoin, which he described as having been hit hard in recent months by the entire international situation and projects that failed.
“It seems that we are witnessing a fight between funds that seek to affect the crypto market in general. Although Bitcoin was not born to have a price in dollars, but reality indicates otherwise. I understand that it is cheap and with a chance to generate some more buying opportunities before resuming the bullish cycle”said Valera, also anticipated expressing that each market crash serves to cleanse you of bad projects and gain sanity for your future.
“To see a bull market again, we have to wait for investors to recover from the blows given during the first half of this year. There were very big, big capital moves along with the big drops that triggered what happened to Terra, Celsius, 3Arrows and so on. Regardless of the health of those projects, it seems to me that there were very big moves that escape the power of the average holders”he concluded.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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