As the global financial spectrum evolves, cryptocurrencies emerge not only as mere payment instruments, but as agents of socioeconomic transformation, especially in the fight against debanking.
The institutionalization of cryptocurrencies, exemplified by the Bitcoin ETFs launched in the United States and Hong Kong, reflects their undeniable integration into the global financial scene. "Digital gold" signals a new economic era, challenging the dominance of traditional monetary policies and paving the way for a deflationary economic policy.
In this promising scenario, it is impossible to ignore the role of cryptocurrencies as a counterweight to “financial exclusion”. In countries like El Salvador, the adoption of Bitcoin as legal tender is not only an economic initiative, but also a financial inclusion strategy for those marginalized by conventional banking systems. This is an innovative response to the need to democratize financial access, where blockchain serves as a tool for economic empowerment.
Brazil, with its attentive view of the "crypto world", faces the challenge of "banking marginalization", a reality that compromises the economic freedom of its population. The growing number of citizens facing credit restrictions is a national concern, limiting not only access to the betting market, but also to a variety of essential telematics services.
Crypto is more than a payment method
The decision to ban cryptocurrencies as a means of transaction in Brazilian sports betting can be seen from different perspectives, but it is crucial to understand that cryptocurrencies transcend the function of simple payment methods.
They represent an opportunity to combat debanking, offering an alternative to those excluded from the traditional banking system. Experiences on different continents, such as in Africa through cryptocurrencies, have expanded access to financial transactions, promoting democratization in the management of economic resources.
Decentralization, an inherent characteristic of cryptocurrencies, promotes financial independence with an unprecedented level of control and transparency. The immutability of transactions on the blockchain represents a significant advance in terms of financial integrity and security.
The integration of cryptocurrencies into national economic systems, including the sports betting market, could mean progress for the Brazilian digital economy, while combating financial exclusion.
However, the current restriction raises the question of how Brazil will harmonize emerging regulations with the potential of cryptocurrencies to foster the inclusion of sports betting as a form of entertainment available to the entire Brazilian population. This would guarantee equal access to financial tools, ensuring the right of each individual to exercise their freedom and dignity within the socioeconomic context, without any form of discrimination.
Transparent and democratized environment
The forecast is that blockchain sports betting and casino gaming platforms, driven by market trends and the advancement of Web 3.0, will become increasingly prevalent.
Blockchain technology promises a transparent and democratized sports betting environment, where odds are determined by the direct interaction between users' supply and demand, without the barriers imposed by traditional financial systems.
It is imperative that Brazil consider cryptocurrencies not only as a means of transaction, but also as a strategy for financial inclusion and the revitalization of the economic system.
Embracing cryptocurrencies as a way to mitigate debanking and promote financial autonomy could position the country as an innovative leader in leveraging digital technology for social and economic development.
Black market
The refusal to classify cryptocurrencies as a payment system can, paradoxically, encourage black market activities in an ecosystem that transcends legal boundaries, evading any form of traditional control.
On the other hand, the adoption of cryptocurrencies can be an astute decision, allowing the development of more advanced technology and control protocols, combating unbanking and encouraging a more inclusive and transparent economy.
Fabio Tiberia
Technical-legal-operational consultant with almost 20 years of experience in the technology and igaming sector, standing out in cryptocurrencies, blockchain and smart contracts. His company offers comprehensive solutions such as diversified payment systems, collaboration with European banking entities, acquisition of iGaming licenses in renowned jurisdictions, sportsbook and casino software development, advanced risk management consultancy, digital marketing strategies and layout customization for operators in the global market. For more details, visit www.fabiotiberia.com
