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“Winds of Change” Coming for the Bitcoin Industry in Latin America

Key facts:

Regulations are part of the process toward mass adoption of cryptocurrencies, Benson says.

Binance wants to “support in the best way” the community of El Salvador.

“Winds of change are coming in the world and in Latin America in particular,” says Bryan Benson, managing director of the Binance exchange, in relation to the bitcoin (BTC) and cryptocurrencies industry. This was expressed in an interview he gave to CriptoNoticias during the Jalisco Talent Land Digital 2021 conference.

Regarding these «winds of change», the executive details that he refers to the industry around cryptoassets still has a lot of room to grow. “We are very early in this, we have not yet reached important orders of magnitude for mass adoption,” he says.

For this reason, the Binance executive envision a time of great opportunities. “In this industry we are going to lack employees, people who are trained in a million and a half different positions, be they technical, marketing or development,” he explains.

To make your message clear, Benson mentions the magnitude of the banking system and ensures that, one day, the cryptocurrency environment will be comparable. That cannot be achieved, he says, without training at all levels, including college, with careers specifically focused on bitcoin and crypto assets.

Benson also refers to the current situation of the company for which he works. Binance, it says, continues to expand and the bear market of the last few months has not been an impediment to growth. “In the last six months our business has been crazy, we have grown by heaps, although in some months where there was a bull market it was more pronounced [el crecimiento]”, Explain.

Binance and the regulations: “you could see it coming”

This medium has recently reported how Binance has seen the trade of some of its products (for example, cryptocurrency derivatives) restricted in certain jurisdictions. The temporal proximity of this fact made it inevitable to talk to Benson about the regulations.

«I believe that what is happening now is an approach to the financial world and I believe that the consequences are quite logical. I mean, [la industria de las criptomonedas] it is a technological disruption and not every bank is prepared for this. Not every regulator is prepared for this and the differences are quite large and the gaps wide. So I think [las regulaciones] they are something very natural that we saw coming and that is really going to be a stage in this process towards mass adoption ».

Bryan Benson, Managing Director of Binance.

The executive assures that Binance wants to help in the process of integration between the cryptocurrency ecosystem and the traditional financial market: “We don’t hide from it.” He explains that the biggest challenges are in the bridges between fiat money and crypto assets, since different regulators have different criteria. According to him, this type of inconvenience will not always exist. “I think that in 3 or 5 years we will no longer see this type of problem,” he says.

Binance and El Salvador: «we want to support in the best way»

Asked about jurisdictions where Binance sees an ideal regulatory environment, Benson immediately names El Salvador. In that Central American nation, a little over a month ago the Bitcoin Law was sanctionedthat turns the cryptocurrency created by Satoshi Nakamoto into legal tender.

Although Bryan Benson’s accent reveals his American origin, his command of Spanish and his years of residence in Colombia allow him qualify the Bitcoin Law as “a pretty cool move” . He adds: “I believe that what they did with this law is going to boost development within El Salvador a lot.”

Days ago, in his passage through the Jalisco Talent Land Digital 2021, our interviewee also gave a talk together with other members of Binance, which was reported by this medium. On that occasion, he had mentioned his curiosity about what is lived in El Salvador and the way in which the development of the industry in that country could evolve.

As explained by the manager, Binance wants to support in the best way to the community of El Salvador: “we do not want to get there to take advantage of marketing with this, quite the contrary, we are waiting for the best moment to ally ourselves, to provide our services, to support the project, the foundations and the NGOs” .

In any case, he acknowledges that they had a “brutal growth” in El Salvador from the moment in which the initiative of President Nayib Bukele became known, because many people, he says, “wanted to look at what this Binance is and how they can use it in conjunction with what is coming out in the country.

“What I see is opportunity”

The dialogue with Benson, which lasted almost half an hour and which can be seen in full in the video that accompanies this article,He also addressed other topics, for example, regulations on P2P trade (between people) within Binance, his vision of the Latin American panorama and the growth of the platform in that region.

By way of conclusion, and taking up the words with which this text begins, Bryan recommends, to those who want to be part of the incipient bitcoin and cryptocurrency industry, that existing opportunities are not lost: “What I see is opportunity and I suggest to people who are really interested in it, that they search, search, search and they will find something very good.”

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