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Sam Bankman-Fried bullish on Latin American crypto adoption

Sam Bankman-Fried bullish on Latin American crypto adoption

Sam Bankman-Fried has turned his gaze to Latin America, saying that he sees big potential for the adoption of cryptocurrencies, and especially remittance payments. He also believes that regulation would be good for the crypto sector in that it would bolster institutional confidence.

Bankman-Fried was attending the Bloomberg Crypto Summit in New York last Tuesday. He gave an interview to the Spanish language platform Bloomberg Linea.

Latin American interest

The billionaire entrepreneur and CEO of crypto exchange FTX, said that he was interested in the region of Latin America, and that he had had dialogues with potential partners.

“I don’t think there is anything concrete at the moment, but we would love to do it and we have been talking with potential partners in Latin America.”

He said that his company had been looking at how “regulated offers would be carried out in markets such as Brazil, Mexico, [and] in other countries of the region.”

General crypto adoption in the region was another area of interest for Bankman-Fried, and he saw much potential for remittances and payments.

“I think that the volume is going to increase over time and that we are going to see more and more adoption for remittances in Latin America, and that it is going to start being used for payments as well.”

The future for crypto

It’s Bankman-Fried’s view that central bank digital currencies (CBDCs) and stablecoins will begin to play more of a prominent role in many countries, but he thinks that they won’t necessarily replace fiat currencies.

On NFTs he acknowledges that they have engendered a great deal of enthusiasm given the “large number of potential use cases” they bring, although he also saw challenges for their “long-term sustainability. He said:

“I think what excites me the most is that there are really cool integrations with other online sites, but I think they’re going to come and it’s just a matter of time. I think it’s going to take some soft reset to get there, but I think we’ve already started to see this happen.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.