Will CryptocurrencyTranslate to Global Currency - Show #90

Ryan Blaney of Bolimini International Law Group has no doubt that cryptocurrency will become an international currency.  When I asked on a scale of 1-10, with 1 being full of doubt, to 10 being non doubt, he said he’s a 10 on the future.  He equates it to a conversation with an intelligent little old lady who recalled that when credit cards first came out 1958 people laughed and wondered who would accept a piece of plastic for payment.  

Ryan continues to explain that in his role as an attorney, his clients’ biggest challenges right now are following the regulations.  He talked about the brain drain he’s seeing as the creative crypto, NFT, and metaverse entrepreneurs relocated to places with more friendly regulations. 

One client moved to Mexico to launch their BTM’s - an alternative to an ATM.  A BTM is a Bitcoin teller machine for withdrawing and depositing bitcoin.  With little luck launching in the US, they moved to Mexico and already have 7-8 BTM’s open.  

Cities such as Miami, Atlanta, and Detroit already have laws allowing rent and tax payments with cryptocurrency.  Countries such as Mexico, Singapore, El Salvador, Dubai, Spain, St. Kitts, Nevis, and certain countries in Africa and SE Asia allow more crypto usage.   

There doesn’t seem to be similarities in the cities and countries that are early adopters.  Ryan sees a commonality in that in LATAM and Africa, there is no infrastructure for traditional banking, so this solves an immediate need.  Plus, it’s a multitrillion dollar industry so the potential is huge.  The mayor of Miami recognizes this – thus contributing to the usage there.  Plus, Miami is the gateway to LATAM where there is early acceptance. 

 One big piece of advice he gives his clients – KYC which stands for Know Your Client.  Since transferring cryptocurrency is done electronically, there is no name or verifiable ID to check.  He makes sure all his clients watch for money laundering.  Money laundering is not condoned by the early adopters. Their aim is to build a better society.  Many support the environment and the Blue Economy which the World Bank defines as the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem."   

He continues to say that many non-profit organizations accept donations of cryptocurrency for three reasons: 

1. It’s easier to accept – it transfers in 2 seconds as opposed to days for a wire transfer. 

1. There are no fees. 

1. They have global access to translation. 

Ryan’s advice to Global Leaders about cryptocurrency? 

1. Educate yourself – MIT has free videos to watch and learn (https://www.youtube.com/watch?v=EH6vE97qIP4) 

1. Understand that there are big variances in each cryptocurrency – they specialize in purchases, gaming, non-profits, education, and more. 

Listen to learn more.   

 

 

Links:  

www.bolimini.us 

 

Connect with Wendy - https://www.linkedin.com/in/wendypease/ 

Connect with Ryan - https://www.linkedin.com/in/ryanblaney/  

Music: Fiddle-De-Dee by Shane Ivers - https://www.silvermansound.com