Few industries have produced the kind of rapid growth—or demonstrated a potential impact on society as a whole—as the digital asset revolution.
Although this technology remains in its early stages, one in five Americans has already used or invested in cryptocurrency. The work of entrepreneurs and technology experts can redefine the way money moves in our economy and open access to a range of new financial products that make people’s lives better.
Research shows that the Hispanic community has been an early and enthusiastic adopter of crypto. A survey found that nearly a quarter of crypto users in the US are Hispanic and others explorative has shown a disproportionately high level of crypto use among Hispanic adults.
Crypto adoption as well has grown throughout Latin America at some of the fastest rates anywhere in the world.
This level of interest demonstrates the demand for alternative ways of investing and transferring money and the appeal of real-world use for crypto-based systems.
For example, the mundane act of sending money to family members in other countries can be expensive and inefficient. It may require visiting a physical location, involve significant fees, and take days for funds to become available. Billions of dollars in remittances are sent from the US every year, and crypto offers a new way to move money across borders from a phone or desktop with lower fees and near-instant settlement.
Small businesses, nonprofits, humanitarian aid providers, and residents of countries with high inflation or volatile currencies see crypto as an alternative to financial systems that are vulnerable to political interference or simply leave too many people behind.
Creative artists have used blockchain and the emergence of non-fungible tokens (NFTs) in innovative ways to interact with audiences and make their work more profitable.
The growth of crypto, both in the Hispanic community and in the world at large, has the potential to create long-term economic advantages for those who understand its promise and encourage its development.
States and urban areas that get ahead of the crypto curve will fare much better than others when it comes to jobs and economic expansion.
In both Tallahassee and Washington, as well as County Commissions and municipalities, we encourage a multifaceted approach that combines private sector innovation with policies that protect consumers but don’t stifle creativity or entrepreneurship.
It’s an encouraging sign that some Florida leaders — from both sides of the political aisle — have been vocal in their embrace of crypto’s potential. Mayor of Miami Francis SuarezGreater Tampa Jane Castoras well as US representatives. Cammack the cat, Darren SotoAND Byron Donalds are among the state’s prominent crypto supporters. Govt. Ron DeSantis has also worked to allow the state government to allow businesses to make tax payments in cryptocurrencies.
Together, they’re building crypto excitement that’s driven businesses, enthusiasts and conferences to Florida.
Florida is uniquely positioned to be a global incubator for crypto development and adoption. Our geographic location, entrepreneurial culture, diverse workforce and many other attributes make the state a natural fit for those looking to build and grow.
Florida’s leadership in crypto is good for the Hispanic community, good for our business community, and good for those who want high-quality jobs and economic vitality in all parts of the state.
Elected officials from the municipal to the federal level can play a role in providing the definition, certainty and clarity the industry needs – and they can do so in a collaborative way that sets the standard for 21st century public policy.
Let’s continue to work together to build the future and strengthen Florida’s position as a leader in the digital asset space.
___
Fountains of Julius is president and CEO of the Florida State Hispanic Chamber of Commerce.
Post views:
0
