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Regulation of Cryptocurrencies in Haiti

In Haiti, as in many other countries, where a lot of people live who do not have access to financial and banking services, there are a huge number of supporters of cryptocurrencies.

Many cryptocurrency projects have appeared in the country, webinars and summits are held that talk about the advantages of digital assets and about the necessity to make cryptocurrency a legal tender of Haiti — its national money.

However, as elsewhere in the world, in Haiti, in addition to many cryptocurrency supporters there are also a large number of its opponents.

The main argument of the opponents of digital assets is the volatility of cryptocurrencies, which makes them very inconvenient to use as everyday payments for various goods and services.

Another equally significant disadvantage of cryptocurrencies is their widespread use for criminal purposes and a huge amount of fraud associated with digital assets.

According to cryptocurrency critics in the country, digital assets are not stable enough to guarantee that buyers will be able to get their money back if they want to return a product or service. This will hinder the widespread adoption and wider use of cryptocurrencies in the country.

Cryptocurrency is an asset, not currency

More and more experts in the country define cryptocurrencies as assets not as money. They believe that cryptocurrencies in the country should not be a means of payment.

While money is the main resource that circulates and facilitates purchases, and is also a measure of wealth, cryptocurrency does not work as money, but as an asset, like a company stock.

Therefore, more and more analysts associate the cryptocurrency market with the stock market, explaining their opinion by the fact that people who own bitcoin are more concerned about the value of bitcoin on the market than spending it as money.

The need to regulate digital assets

As cryptocurrencies spread around the world, more and more institutional investors and traditional financial institutions in Haiti are exploring the possibilities of cryptocurrencies for their clients and their accounts.

With the help of regulation, investment firms will be able to expand investment offers in cryptocurrency to larger markets.

Regulation, among other benefits, can help protect investors against financial crimes or from fraud. For this reason, large financial and banking institutions in the country are increasingly making statements about the need to regulate digital assets in Haiti.

While financial institutions in the country are extremely cautious about digital assets, pointing only to the need for their regulation, the number of supporters of the adoption of cryptocurrencies as a national currency is growing in Haiti.

A large number of supporters of the use of cryptocurrencies as a national currency is associated with the high inflation of the price of Haitian Gourde.

Despite the fact that the issue of using cryptocurrency as an official means of payment in the country is very controversial, more and more citizens of the country are actively using cryptocurrencies and the adoption of digital assets continues to grow. Residents of Haiti are increasingly using digital assets, and thanks to OWNR Wallet, you can now buy cryptocurrency with your credit/debit card.

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