Key facts:
Specialists discussed bitcoin in a panel at the Blockchain Summit Latam Panama 2022.
In Cuba, bitcoin took the place of traditional companies for receiving remittances.
The financial freedom that bitcoin (BTC) promotes in Latin America is part of what has accelerated the adoption of this new economy, especially in countries where such monetary emancipation is truncated by environments that hinder the possibility of economic growth.
In a talk during Blockchain Summit Latam Panama 2022, three specialists spoke about what bitcoin means for the purposes of financial freedom. Javier Bastardo, organizer of Satoshi in Venezuela, was one. He explained that “anyone in any context” could evolve if they only took into account the value of bitcoin..
“The freedom that I have achieved through the use of bitcoin and what global money offers is not only freedom, it is sovereignty,” Bastardo said, suggesting that thanks to Bitcoin “I can emerge, I can decide how I use my money”. “And that is the element that we try to share with other Latin Americans”.
Financial Freedom? Yes, for the individual, because it is difficult to change the government with technology. But individual freedom is something that would not have existed without bitcoin. The differentiating element is autonomy. If you cannot decide how you act, then you will never really be able to conquer freedom, which is not an easy path.
Javier Bastardo, organizer of Satoshi in Venezuela.
“The only solution we have found in Cuba is Bitcoin”
Bastardo agreed with Eric García Cruz, an entrepreneur and bitcoin enthusiast in Cuba, who specified that the financial freedom granted by BTC has been seen in his country, as a result of US sanctions, which have prevented Cubans from accessing digitized payments.
The only solution we have found in Cuba is Bitcoin. Right now we are in the same equality, the same possibility of competing with any other country, because we have full, free access, without sanctions or prohibitions to that technology that allows us to create, grow and connect.
Eric García Cruz, Cuban entrepreneur and Bitcoin enthusiast.
The specialist explains that the sanctions “hit remittances.” In fact, this caused the Western Union company to leave Cuba, which “transformed” the sending of close to USD 2 billion a year from other countries to the island.
“That money no longer arrived and moved through Cuban banks, but between people, thanks to bitcoin. This mobilized the mindset of business.” causing an “economy insulated from government” and state control, according to García.
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Both specialists agreed that education and understanding of Bitcoin, and the various cryptocurrency projects that exist, are a fundamental part of growing adoption in Latin Americaa region where Bitcoin has been seen playing the role of a shield against the crisis.