Blockchain and Bitcoin can help the Bank of the South.

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Latin America has been lagging behind the great powers, its beginnings are filled with a well-known History. It is essentially a land full of promises that have not been able to capitalize on this part of the globe. It has the largest reserves in natural resources with an estimated  of 625 million people that is their greatest treasure. It also has the largest oil, gold, nickel, silver, diamonds, uranium, natural gas, copper, bauxite, zinc, mercury deposits, among others, their Industrial development is below the rates of other countries which are considered advanced according to ECLAC in Spanich (CEPAL), it means that with the immense richness that, overall, Latin America has not gotten out of backwardness.

Undoubtely for a real development to exist; financial economic resources are needed without forgetting that in each country there are different currencies, as fiat money. In this line the blockchain technology and bitcoin cryptocurrency can help generate the needed confidence with the Ledger Accounting Distributed Platform and the resource bitcoin have the necessary additive to move towards a common currency of trading, without abandoning the legal tender money.

Therefore, in an effort to reverse the economic indices in 2009, the Bank of the South (Banco Sur) was created; the first meeting was held in 2013 in Caracas, its initial capital is 20,000 billion dollars. In 2013 had been contributed or capitalized only 7,000 million. It is made up by 7 countries, Argentina, Brazil, Bolivia, Ecuador, Paraguay, Uruguay, and Venezuela; while Chile and Peru are observer participans, by its side Colombia renounced its incorporation. From the strategic point of view there is a large international trade, raw materials exist, the willingness to build wealth, this is what is perceived at each meeting transmitted by the media.

From the above signed, it can be expected that the blockchain technology can provide everything needed for governments of each country jointly achieve practically the start up of the Bank of the South supported by these technologies as to the conversion of the value of different currencies present in the commercial trade. There are already companies like BTCS, whose call themselves precursors of the blockchain technology and the digital currencies ecosystem, they offer a tool (in beta) which serves to help the public regarding the transactions verification servicein the diferent currencies directed on the blockchain platform plus the variety of factors that can affect the market and business conditions.

In the name of history and efforts to consolidate the market of the South countries, attempts to offer alternatives have been made such as creating a currency called SUCRE, a currency created to streamline processes of the ALBA countries, it is a unitary system of regional compensation, a mechanism of financial integration, these are efforts aimed towards consolidating Latin American markets, meaning that if governments can sidestep, uncertainty, denial and go towards true integration technology is already made or created. the important thing is to consolidate a macro-idea such as the Bank of the South.

In that sense, it lack the launch of this great opportunity to seek financial education through blockchain technology and binding with bitcoin building a system that links South American countries economy through the Bank of the South as a financing institution of regional economies, seeking the harmonious development of each of its members, the important thing is to build trust to all economic actors, to build wealth for all. More announcements are expected.

Reader Friend worried and occupied on the issue of economic integration of Latin America as a way to go for a comprehensive development of countries, you have the opportunity to comment about this exciting world of possibilities therefore, how about the idea of introducing Blockchain technology in shaping the Bank of the South? Do you have another proposal to assist the development of Latin American Nations? Do you think it is time to join efforts to consolidate the Latin American Union? Why?. Help us in this noble work, write, leave your comments, this will be our best reward, We appreciate it. Thanks for reading us. Don’t forget to leave your comments. Thank you.

Other articles of interest:

May Blockchain help building the paperless office?

Blockchain could save Richness from  Mining Arch of Orinoco

Disclaimer: This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent infocoin views and should not be attributed to Infocoin.

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