In the world of finance, the technology has already established itself in the blockchainThe change of mentality in society is expected to be visible in a short period of time. The trend in the cashless (Cashless Payment System) has led many countries to adopt technological investments to optimize business processes efficiently. As a result, the use of cryptocurrencies has become an alternative to costly paper and is becoming increasingly popular in countries such as Japan, China, the United States and Germany. This has led to countries such as the United Kingdom dare to regulate cryptocurrencies. to guarantee the legality of each citizen's assets. In that sense, today we will explain where the future of cryptoassets in Venezuela and the world is headed.
Cryptoasset investments now more accessible and easier for everyone
It is no secret that it is more convenient to have digital assets than real estate and other types of assets that require maintenance. There are many people who have chosen to sell their houses and secondary apartments to invest in cryptocurrencies and seek return on capital. This makes us think that the world is really heading in that direction where cryptocurrencies and other digital assets will make a difference in financial transactions.
In Latin America cryptocurrencies are an investment and for others it is a way to escape the depreciation of local money. In this sense, hard currencies or stablecoinsThe Tether (USDT) remains a favorite when it comes to holding capital without risk of loss. But there are other more volatile currencies such as Bitcoin, Ethereum and Dogecoin that raise expectations of returns as an investment.
How is the cryptoassets market in Venezuela?
Cryptoassets are operating legally in Venezuela under the rules of the world market. There are different international wallets that accept the exchange of bolivars for cryptocurrencies through the use of private banks in the country. In this way, they do not incur in the commercial exercise with natural and legal persons sanctioned by international entities. Therefore, platforms such as Binance and Reserve work as an exchange for the national currency and a reliable entry to the world of cryptoassets. We have previously talked about the legal framework for cryptocurrencies in the country y the tax provisions of cryptocurrencies. But today we will set the scene for the use of cryptoassets in Venezuela.
In the case of the Caribbean region, the massive use of cryptocurrencies in commercial establishments is not yet evident. However, there are data that show that it is one of the most important Latin American countries with the highest number of cryptocurrency transactions in recent years. So it can be deduced that many people are choosing to hold their assets digitally to escape inflation and send remittances. There P2P transactions for small amounts seem to be the ones supporting the large amount of cryptoassets movements in Venezuela. Thus, it is expected that the technological and legal ecosystem of blockchain will continue to develop in the country.
Use of cryptoassets in other parts of the world
Spain is one of the countries that has been quickest to adapt to the incorporation of cryptocurrencies in its business practices. In fact, the country is advancing rapidly in the legal conformation of the regulations of these cryptoassets. There are different regulations such as the Anti-Fraud Law that establish obligations for all those who own cryptoassets in its territory. In addition, for some years now, the profits obtained with cryptocurrencies must be declared to the Tax Authorities under the "Other capital gains" line.
These regularizations affirm cryptocurrencies as financial tools with national and international validity. It is only necessary to adapt their use to the legislations where the financial exchanges are intended to be carried out. In general, the institutions in charge only request the data of the account holders, justify the financial balances and implement risk prevention programs. In this way, countries, institutions and natural and legal persons undertake to fulfill their obligations to keep financial ecosystems healthy and crime-free.
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