Some South American nations are warming up to cryptocurrencies, with some even legalizing Bitcoin as a legal tender. The continent may be surpassing others in cryptocurrency adoption due to its leaders’ acceptance. As seen with the rise of crypto casinos like Coincasinos.com, many countries and regions have made the switch from credit/debit card betting to crypto. Specifically, El Salvador and Paraguay are making waves in the volatile world of Bitcoin.
Cryptocurrencies have gained broad acceptance in almost every country on Earth. The small South American country of El Salvador was the very first to legalize Bitcoin as a form of payment. In September 2021, El Salvador became the first country to adopt bitcoin as a legal tender. The US Dollar is still El Salvador’s official currency, but the nation has also added Bitcoin to the list as well. The president, Nayib Bukele, stated that Bitcoin would not replace the US Dollar but that the country does require a currency that is not subject to ongoing inflation.
Panama has been poised to follow El Salvador’s lead for some time. In 2021, the Paraguayan Chamber of Deputies revealed that the country was about to make significant changes regarding PayPal and Bitcoin. A new bill for crypto regulation was approved in May of 2022 by Paraguayan Congress, despite the budget commission and central bank’s rejection of the project. It has yet to be ratified and is expected to face stiff resistance. The Paraguayan Central Bank and budget commission have voiced their disapproval of all digital currencies, calling the project a “high-risk project with no benefit for the state.”
Canadian company Astro Babies has completed the construction of a brick & mortar crypto casino in El Salvador called Astro Casino. This first-of-it’s-kind venture has recently opened its doors and allows users to gamble with cryptocurrencies and buy and sell NFTs (non-fungible tokens) like artwork and other digital content. The project has created 50 direct and 120 indirect jobs since opening.
The casino allows digital artists and content creators to sell their work as NFTs. With cryptographical funding options available on the Solana blockchain. Furthermore, the casino will soon offer patrons various crypto betting services and digital games where they can gamble with multiple cryptocurrencies.
A Natural Fit
Many Latin American countries have already suffered through their own volatile national currencies. Adopting the perennially volatile cryptocurrency Bitcoin was no great stretch of the financial purse strings. Despite Bitcoin’s relative instability, it remained more trustworthy than many currencies in the region. Though the venerable crypto has recently taken a beating and dropped significantly in market value, countries like El Salvador are doubling down and purchasing even more Bitcoin while it’s down.
Citizens of these Latin American countries will have unprecedented access to cryptocurrency in the coming years. With their government stances widely embracing crypto as the wave of the future, casinos and players will be able to exploit this untapped frontier like few other populations can claim to.
Argentina, Panama, Cuba, and More?
Sparked by El Salvador’s initiative, these Latin American countries are also pondering the leap to crypto. Suppose the bids to employ Bitcoin as legal tender pass in the next few years. If that were the case, the continent might witness a geometric shift towards cryptocurrency integration, the likes of which the world has never seen before. With such a shift towards widespread crypto acceptance, crypto casinos will be booming. Assuming Brazil eventually follows suit, the population there would propel crypto gambling into the stratosphere.