Opinion: California crypto policies should advance innovation — and access for Latinos

Bitcoin
The symbol of Bitcoin, a cryptocurrency. Photo via Pixabay

For more than forty years, the Latin Business Association has been the unified voice of hundreds of thousands of Latino-owned businesses throughout California. Our members are made up of startups, small businesses, and entrepreneurs from all sectors of the economy who are working hard to create jobs and opportunity in communities across our great state.

While celebrating the gains we have made in the past and the successes we enjoy today, we also look to the future. The next four decades will provide even more opportunities for our members to grow and prosper. Advances in technology have opened up new markets here at home and around the world for California businesses to compete and win.

The evolution of technology in digital assets is one of the most exciting advances, and the one with perhaps the greatest benefits and potential. Things that didn’t even exist a decade or two ago – like cryptocurrency, NFTs, and decentralized finance – have grown at incredible speeds and are now at the heart of a new industry that can bring large-scale positive changes to the world.

The Latin American community was an early adopter of this technology. The use of crypto took off in Latin America and grew at a faster rate than almost anywhere else in the world. It has become an increasingly viable way to send money across borders to family members – blockchain can be a faster, cheaper and more efficient system of money transfer than using methods such as wire transfers, which can incur high fees and delays.

Crypto also offers a way for those who don’t have a bank account to send, receive, and store money without turning to the types of alternative financial systems that often don’t consider interest or interest. consumer protection.

These are just a few of the many real-world applications that exist today. It’s even more exciting to think about the applications that may be available in the future as this industry continues to grow. There are potential uses for blockchain technology that can empower businesses and consumers in almost every conceivable area of ​​the economy.

It may be one of the most innovative and impactful developments of our lifetime, but we have to get it right to see the full benefits. We need to educate our friends, neighbors and colleagues on the real uses this technology has for them in their lives. And we need to tell our elected officials to work for smart, sensible policies that recognize all the good things crypto can bring to our community.

Recognizing that our members do business not just in California, but in states across the country – and in markets around the world – it’s important to have strong policy at the federal level that sets clear standards and writes down the rules. of the road in a growth-oriented way. Some members of the California delegation to Congress have shown exceptional leadership in this space and offered support for real solutions that will allow the crypto economy to thrive.

It’s also important that California, the cradle of American innovation and the undisputed pioneer of our tech economy, again lead the way. We encourage our state legislators and regulators to support policies that set consistent standards of transparency and accountability while enabling innovation sandboxes to succeed.

The potential of digital assets is not just for those who can afford to invest or buy today; it offers the possibility of a more accessible and equitable framework for people around the world to participate in the American dream.

Our organization exists for one reason: our passion to grow and protect our Latino-owned businesses. Our mission is to help strengthen them today and lay the foundations for even greater success in the years to come.

The technology behind blockchain and crypto is here to stay, and it can be a game-changer for the next generation of our business community. Let’s work together to turn this potential into reality.

Ruben Guerra is President and CEO of the Latin Business Association in Montebello.

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