Blockchain could bring a technological revolution to Latin America, said Mario Blacutt, lead developer of NULS and founder of Nerve Network, in an exclusive interview with Cointelegraph. Blacutt revealed his thoughts on the region’s blockchain environment and the obstacles he faced after former Bolivian President Evo Morales banned crypto-currency in 2014.
Blacutt, who recently revealed his real name to the public after hiding under the pseudonym “Berzeck” for several years, said blockchain technology will “undoubtedly” trigger another decade of technological revolution in Latin America.
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The adoption of cryptomoney in Latin America “will probably accelerate”
He said that the sooner governments realize the benefits of cryptomone, the better it will be for their countries in terms of adoption. “Berzeck” also commented:
“In Latin America, the adoption of cryptomoney is relatively high for some reasons, but for the most part, people do not trust their financial systems, and now that a global recession is looming, people do not believe their banking system supports it. Therefore, it is likely that the adoption of cryptomoney will accelerate. Some countries can take advantage of current opportunities and try to lead the development of the blockchain, but it is still too early to know which countries can take the lead.
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The lead developer of NULS said the good news is that “more and more people are beginning to understand the potential,” and it is becoming safer to acquire cryptomoney, but noted that there are some exceptions, such as Venezuela.
Latin American socialism versus crypto
Taking the case of Bolivia’s anti-crypt stance under the Morales government, Cryptosoft explains his position on whether the concept of crypt-money like that of blockchain is compatible with Latin American state philosophies:
“There was a socialist wave in Latin America, and generally these governments strive for obsessive control and centralization in order to have tighter control over the economy and remain in power. Crypts work in exactly the opposite direction. As a result, LATAM missed a golden opportunity to boost adoption and attract international investment companies. Fortunately, many of these governments have changed power and things are starting to look better.
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Because blockchain technology is open source and developed in a decentralized manner, “Berzeck” says it presents a “very rare opportunity” for Latin America and other underdeveloped regions to openly compete at the forefront of blockchain development.
But Blacutt warns that crypts in general, not just in Latin America, are still seen as a means to “get rich quick,” and he says that crypts are speculative assets, “because we are not even close to showing their huge potential market. He adds that:
“Understanding blockchain technology to implement efficient solutions is not trivial, it’s complicated. In fact, many interested companies that contact us are interested in blockchain technology, but have no idea how to map their business processes to blockchain. That is the biggest obstacle, which will take years to improve. Latin America is not exempt from these problems. It will be up to individual governments to try to address the problems of blockchain to accelerate adoption and make the transition smoother.