“The adoption of bitcoin (BTC) in Central America is in its infancy, but it will soon take a quantum leap,” says José Luis Guillén, CEO of Coincaex, the first exchange to reach El Salvador . This country, from September 7, will recognize the cryptoassets as legal tender.
“Geographically we were in the right place, in the right business and at the right time,” said the Guatemalan businessman about the moment in which the Legislative Assembly of El Salvador approved the Bitcoin Law on June 9. As soon as it happened he made the decision that the company he directs would move its center of operations to the nation that adjusted its legal framework to drive the adoption of cryptocurrency.
Now, two months after arriving in El Salvador, he sees the country as the financial center of the American continent. In fact, associates it with Singapore, which went from being a poor island to one of the richest countries in the world . The difference is that one boosted its economic growth centered on the dollar, more than half a century ago, while the other is doing it now based on bitcoin.
A few days after the law enters into force in El Salvador, the first stage of development of its economic transformation is already underway , as Guillén pointed out during an exclusive interview with CriptoNoticias. “More than 150 new companies are moving capital in the country, many have already opened offices or are planning to start some type of operations,” he adds.
Among the reasons that explain what represents the Bitcoin Law of El Salvador for the industry in the region, Guillén exposes the need that all startups have for a fair regulation that encourages the market .
The Savior forces banks to open our accounts and serve us . That is super hopeful because it turns out that in Guatemala we have to play cat and mouse with the banks. And when we tell them that we trade digital assets, they close the doors on us, even when they have no legal argument to back them up to do so. But being a private company they can decide not to do business with us if they don’t think so.
José Luis Guillén, co-founder of the Coincaex exchange.
Educating about bitcoin: the great challenge for El Salvador
El Salvador has attracted the world’s attention since President Nayib Bukele first announced that bitcoin would become legal tender. However, there are some challenges that are presented to the nation to make the quantum leap that would make it the financial center of the continent.
Reflecting on these challenges, Guillén points out that the key for bitcoin adoption to gain momentum in El Salvador is education. He comments that there is so much misinformation that the population is afraid of using cryptocurrency.
That is why he hopes that soon the organization he presides, the Central American Association of Cryptocurrency Users (ACUCRIP), will coordinate activities educational information about bitcoin in El Salvador as it has done so far in Guatemala, Honduras and Costa Rica.
Considers that education is essential for people to understand that bitcoin is an asset of store of value and not of quick profits. He adds that, with greater awareness in the population about the operation of the protocol, adoption will gain momentum in a more organic way and will not only depend on the rise in price, as is currently the case.
It seems fabulous to me that bitcoin came to be incorporated into the educational system of El Salvador, but not only as a disruptive technology, but as the evolution of a system that has its roots in 10,000 years of history. I also believe that the schools of economics in our countries should be more honest about the history of money because the academy focuses on a central banking model that no longer works. We have already seen that inflation is the tax that hits the most vulnerable people the hardest, so I think it is necessary for them to focus on studying these new models of digital scarcity.
José Luis Guillén, CEO of Coincaex.
From Guatemala with bitcoin payment gateway for El Salvador
The cryptocurrency exchange Coincaex is about to inaugurate its headquarters in El Salvador, and from there it will offer its services to the countries of Central America and the Caribbean.
The company with more than 4 years operating in Guatemala, offers the trading service of bitcoin, ether (ETH), ERC-20 tokens and stablecoins. “We are also introducing to the market a payment processor for companies that is designed specifically for El Salvador,” says Guillén.
His proposal is to provide technology to third parties through an API (interface of application programming) that makes it possible for large companies to receive payments in bitcoin with protection against possible episodes of volatility .
To achieve this, Guillén mentions the support that the startup receives from different liquidity exchanges with cryptocurrencies, stablecoins and fiat money that allows them stability, minimizing risks .
At the moment we are in the testing phase. Our API connects with the companies’ points of sale and basically what we give them is a button that allows them to charge in bitcoin. To do this they do not have to acquire new hardware, they only have to press a button and that already offers them a new form of payment, through our platform, with a daily compensation according to what they are charging in crypto.
José Luis Guillén, CEO of Coincaex.
He assures that his service takes advantage of the government’s Chivo Wallet because it is already proven technology in real stores. It is also integrable with the payment systems that companies already have. From their point of view it is a system that nobody is offering in El Salvador.
Imagine a large trade that has any amount of cashiers collecting, how will you manage to control and manage all those payments you are making? Are you going to install a phone with Chivo Wallet in each ATM? That is precisely where we enter with our technology to provide this service to private companies.
José Luis Guillén, CEO of Coincaex.
In any case, Guillén is confident that his service will soon gain new allies now that the adoption of bitcoin will take a new momentum , “not by taste, but by necessity”, as he commented.
I think the adoption of bitcoin will come from the private sector and more so now that the largest of the bubbles is about to burst. I mean the dollar bubble. When it happens, what history tells us is that in times of hyperinflation and economic crisis, people and companies will seek to safeguard their reserves. That is why I think that adoption will come from the private sector and we are already seeing it, because there are many companies in Guatemala interested in our payment processing service because they do not want to be left behind in this technological leap.
José Luis Guillén, CEO of Coincaex.
Meanwhile, El Salvador is preparing its infrastructure and preparing to comply with international regulations since the Bitcoin Law is about to enter into force. In addition, as this digital newspaper has reported, President Nayib Bukele already has a draft ready for the new National Constitution of that country.
The Magna Carta would establish digital currencies as constitutional , which would endorse the use of “non-physical, non-specific currencies”, although it is not yet known which ones will be covered by this article of the law.
