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Cryptocurrencies on the rise in Latin America

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Mexico is following suit with its neighbors and the country is said to move towards cryptocurrency and blockchain adoption. A senator of the federal government Eduardo Murat Hinojosa has taken upon himself to move the country towards the mass adoption of the technology. The senator has become an advocate for cryptocurrencies and recently announced the proposition of a bill for the legal framework of cryptocurrencies in Mexico for the lower house.

Senator Hinojosa had also changed his Twitter profile picture to one with laser eyes. The laser eye is a campaign in support of cryptocurrencies in shows a belief in Bitcoin’s – and other cryptocurrencies’ – price skyrocketing. Senator Hinojosa is not the only advocate of cryptocurrencies in the country. Indira Kempis Martinez, senator of the state of Nueve Leon, had also switched her profile picture to one with laser eyes. Martinez is regarded as a friend to the cryptocurrencies by senator Hinojosa and believes to lead the paradigm shift towards fintech in Mexico with the help of supporters like senator Martinez.

The market crash may have hindered the growth of the cryptocurrencies but it seems as though it has not impacted their adoption. Cryptocurrencies and blockchain technology are believed to lead the next revolution in the financial industry and many have come to realize the value the technology can provide to the global financial infrastructure. It is because of this reason that countries are readily accepting cryptocurrencies despite the brutal crash.

The president of El Salvador NayibBukele has also stated that he would draft a bill for cryptocurrencies to become legal tender in the country. Paraguayan congressman CarlitosRejala has announced his plans of turning Paraguay into a crypto investment hub for investors. A paradigm shift is being observed throughout the world as governments take initiatives towards the mass adoption of cryptocurrencies.

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