Cryptocurrencies in Guatemala, a new friendship?
One of the most resounding topics of the last part of this decade and, without any doubt, of those that are to come, are cryptocurrencies. This form of assets is not brand new, being the best-known exponent -Bitcoin- implemented since 2009. Since then, many others have emerged in electronic commerce, including Etherum, Ripple, Dogecoin, among others. One of the most representative aspects of these forms of currencies is the high security and balance in the transactions, by means of extremely complex algorithms, protected by operators, who for each transaction generate a “tip” which is distributed randomly among them.
Within the efforts to achieve greater acceptance and integration of cryptocurrencies at a regional level, ACUCRIP-Central American Association of Cryptocurrency Users- was created. Luis Fernando Cordón, one of the founders of said entity, indicates that within the future projects for ACUCRIP is the implementation of bitcoin ATMs, where cryptocurrencies can be acquired through the payment of traditional currencies, and exchange houses. The countries that represent a better opportunity for said investments and projects are Guatemala and Costa Rica.
In Guatemala, for many years, payments have been received in the form of virtual currency, being within the commercial establishments: El Club de Vinos y Sabores, La Bohemia y la Casa del Escritor, Artex, National Tour, Showtime, Aromas Corporation, Sharp Studios, Tecpro and Secret Garden who accept currencies like Bitcoin, Etherum and Dash. For the payment, is as simple as using a mobile application known as Wallet where a QR code is scanned that brings the user’s account, generating a unique code for the transaction. A very similar method to those used by other mobile systems such as Apple and Android Pay.
In view of the above, nobody denies the usefulness and innovation that this new form of currencies presents. However, the aforementioned does not come without a consideration: the improper use of them. The Superintendence of Tax Administration, has already advanced in the investigation of this new form of payment. The authorities of said entity point out that the collection with these forms of payment would suppose a situation similar to the one that happens with the collection in dollars or other currencies where the Value Added Tax (VAT) is applied. However, the aforementioned will not impede the growth and acceptance in the use of this form of payment.
The economic behavior of the cryptocurrencies has given its fair share in the discussion of economic growth analysis. Until December 27 of the last year -2017- the main quotes exceeded USD 15 thousand, indexes that hope to be surpassed. Therefore, without any doubt, cryptocurrencies are and will continue to be one of the most important economic and technological topics of the 21st century. All is left for both Guatemala and the rest of the Central American region, to await the intriguing and exciting applications that they may have in the future.
Ma. Mercedes Castro
Associate
García & Bodán
Guatemala