ReasonTV recently published this cool video on "3 Ways Bitcoin is Promoting Freedom in Latin America." Entrepreneurs are using the cryptocurrency to bypass monetary controls, tariffs, and cutting through red tape.

Latin America has long been plagued with ideological leftism that has crippled its economies and left too many of its people in poverty. Maybe it's not even "leftism," but more a common belief that every economic activity needs to be regulated, controlled, or directed from the top.

The results of these beliefs when taken to extremes can be seen in Venezuela's collapse and Cuba's 70 years of stagnating poverty, but there are plenty of less extreme examples. In Brazil, people are burdened with 60% tariffs on imports, 27.5% foreign exchange tax whenever converting currencies, and it takes about 14 times longer to start a business than in the U.S.

In terms of economic freedom, which is about 65% correlated to per capita income, Latin American countries rank terribly:

So many people around the world are held hostage by their own governments and ignorance. Anywhere you see extreme poverty and starvation you can be sure there are massive tariffs and controls preventing people from joining the world market. Bitcoin and the cryptofinance revolution it has initiated offer one peaceful path to changing that.

What are your thoughts?

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Rob Viglione is a PhD Candidate in Finance @UofSC with research interests in cryptofinance, asset pricing, and innovation. He is a former physicist, mercenary mathematician, and military officer with experience in satellite radar, space launch vehicles, and combat support intelligence. Currently a Principal at Key Force Consulting, LLC, a start-up consulting group in North Carolina, and Head of U.S. & Canada Ambassadors @BlockPay, Rob holds an MBA in Finance & Marketing and the PMP certification. He is a passionate libertarian who advocates peace, freedom, and respect for individual life.

Image source: https://cointelegraph.com/news/trust-revolution-bitcoin-potential-for-latin-america-in-focus-of-latam-bitcoin-conference

Chart source: https://rogueoperator.wordpress.com/2011/12/15/more-freedom-more-wealth-for-all-no-connection-between-income-inequality-standard-of-living/