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For the co-founder and CEO of Mercado Libre and Mercado Pago, Marcos Galperin, the most important function of bitcoin and cryptocurrency is to operate in a similar way to gold and act as a store of value.
The leader of one of the most used e-commerce platforms in Latin America expresses this opinion in the midst of an online conversation he had with PayPal president Dan Schulman. focused on the digitization of payment systems.
In a video uploaded to PayPal’s YouTube channel this week, Schulman asks the Argentine businessman for his opinion on digital currencies. Without specifically mentioning bitcoin, the CEO of PayPal recalls the current interest of many central banks in issuing this type of currency. Marcos Galperin’s answer aims to compare cryptocurrencies to gold.
“Cryptocurrencies are excellent for replacing gold,” he said, noting that cryptocurrency’s scaling difficulties create barriers to transactions. Therefore, they don’t see them as a valid payment method. He also believes that the downsizing process would entail a very high energy cost, which does not seem convenient in the current ecological environment.
We are in a world with global warming and with many energy problems, where I believe it is necessary to invest in clean and renewable energy. So I don’t think governments want to spend a lot of resources to mine a digital currency.
Marcos Galperin.
Even the CEO of Mercado Libre refers to the issue of decentralization of cryptocurrencies, citing it as a prominent property. But because this trait causes governments to lose power, he believes that “cryptocurrencies are most likely not legal tender.” Indeed, predict that in the future digital payment systems with legal currencies are strengthened.
Digital payments, using the normal currencies we have today, are really interesting because they provide many services to a large number of people who used cash and who – using cash – could not access credit, or pay digitally, or had some insecurity risks. or theft. Therefore, many of the benefits of cryptocurrencies can be obtained simply by using digital payment.
Marcos Galperin.
Coronavirus expansion and the rise of e-commerce
Leaders of PayPal and Mercado Libre also talked about the beginnings of electronic commerce, at the end of the 20th century, and its current growth from the spread of the coronavirus. For this Schulman asks Galperin about his experience on the Mercado Libre platform in the middle of the borders due to the pandemic.
Galperin confirms the increase in electronic payments, against a decline in the use of cash for fear of coronavirus infection. It claims that the trade in goods in Mercado Libre, in Latin American countries, is about $ 15,000-20,000 million so far in 2020.
The Argentine entrepreneur calculates that the payment system has grown about three times, payment processing of the order of 45,000 to 60,000 million dollars, with around 100 million people making purchases on line in Latin America. Hence, it indicates that, in this period, buyers of the platform have valued digital purchases more, paying the loans on time through the Mercado Pago system.
Galperin thinks the mission of this e-commerce platform is to contribute to eliminate cash handling in Latin America“Something that has accelerated with the pandemic and will increase in the coming years,” according to the ruling. He sees this as very useful in the countries of the region, where there are large numbers of people without a bank and many of the economies suffer the consequences of inflation.
The interview with the CEO of PayPal takes place in the context of the recent announcement of this digital payment platform to allow the sale of bitcoin and other cryptocurrencies, initially in the United States.
As posted on CriptoNoticias, PayPal customers are expected to be able to make payments with cryptocurrencies early next year in approximately 26 million companies around the world.
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