“Mexico, as one of the largest countries in Latin America, has a lot of potential to continue to grow further in the adoption of cryptocurrencies,” he said. “The country is growing a lot on Binance, the users are much more sophisticated.”
Binance is, according to several evaluations by volume of operations, the main platform globally for the exchange of cryptocurrencies. Lin, who spent most of his youth in Latin America, specifically in Nicaragua, will lead teams throughout the region with the task of enhancing the company’s services.
Latin America found in cryptocurrencies, during the pandemic and the subsequent wave of inflation, a refuge asset. Mexico is no exception, and according to Finder’s Cryptocurrency Adoption Report, approximately 12 million people in the country own a cryptocurrency. That number is still below the global average by country.
For Lin, a specific regulation for cryptocurrencies in Mexico would be an incentive for more people to enter this market.
“We know they have a fintech law now in Mexico, but it doesn’t give much clarity to crypto players,” Lin said. “We have to have clear regulatory frameworks in Latin America and Mexico.”
The manager also acknowledges that in the country there is still a long way to go with the financial and monetary authorities, particularly with the Bank of Mexico (Banxico), which has been reluctant to the arrival of crypto assets.
“It’s a matter of time,” he asserted. “We respect and accept all points of view, but we give users a platform that is safe and they have the confidence that they are protected.”
The growth of interest in cryptocurrencies, according to Lin, is already a trend that is consolidated among users with value offers provided by platforms such as Binance.
The data supports Lin. A survey carried out in June by Consensys and YouGov on the cryptocurrency market shows that Mexicans mainly associate cryptocurrencies with the future of money, the future of digital property and an alternative to the traditional financial system. Fourth, respondents in the country associate crypto with speculation.
But Lin says a strong and secure platform counteracts this.
“That they have confidence is very important for us and for the growth of the industry,” he said. “The beauty of cryptocurrencies is that they are, essentially, very transparent, so in all payments, transfers, and even in uses such as remittances, the costs are much lower.”
The new director also recognizes that in Mexico and the rest of the region the adoption of cryptocurrencies goes through education customs. As with all other financial services, cryptocurrencies
That they have to know what are the benefits, the risks and their potential.
“It is important that people can use crypto for everyday life,” he said. “Cryptocurrencies are not just a speculative asset, they are very useful and that is what we want to promote.”
Before concluding, Lin again assures that a key is in the trust that users can generate, they have invested 80 million dollars as a company in their platform to provide security and now the mission is for people to have confidence in it.
Cryptocurrencies can be assets that go beyond a leap of faith.
