Ripple’s Engagement in Latin America’s Cryptocurrency Sector
Isabel Longhi, who oversees Public Policy and Regulatory Affairs for Latin America at Ripple, highlighted the importance of the region in the growing cryptocurrency sector. In a discussion with Criptonoticias during the Blockchain Rio event, which aims to attract around 20,000 attendees to explore contemporary trends in the crypto landscape, she expressed Ripple’s eagerness to engage with regulatory developments occurring within Latin American countries.
Commitment to Regulatory Frameworks
Longhi emphasized Ripple’s commitment to contributing positively to regulatory frameworks concerning stablecoins, tokenization, and virtual asset service providers (VASPs). She stated,
“We want to play a role in the regulatory aspects of these areas,”
underlining the company’s readiness to assist wherever it is sought to navigate the complexities of payment systems.
Status of Central Bank Digital Currencies (CBDCs)
Additionally, Longhi provided insights into the status of Central Bank Digital Currencies (CBDCs) in the region. Ripple has previously collaborated with authorities in Brazil and Colombia to develop a CBDC platform, yet Longhi pointed out that the momentum behind CBDC projects in Latin America has diminished in recent times.
“The CBDC initiative is not progressing as rapidly as it did in the past, not only in Brazil but across the entirety of Latin America and even on a global scale,”
she remarked.
“That’s why we’re less involved at this moment. Should the opportunity arise, Ripple is prepared to extend its support to these initiatives.”
Regulatory Landscape in Latin America
While she acknowledged that comprehensive cryptocurrency regulations are not wholly implemented across every Latin American country, she commended Brazil, Argentina, and Colombia for their proactive approaches while critiquing the regulatory environment in Mexico and Chile. According to Longhi, Latin America is positioned as a frontrunner in the cryptocurrency discourse on a global scale.
Ripple’s Market Presence
Ripple’s presence in the Latin American market has been substantial, with a recent report from Bitso, a local crypto exchange, indicating that 12% of all crypto asset portfolios in the region include XRP, further solidifying its stronghold in LATAM markets.
