For greater than forty years, the Latin Business Association has served because the unified voice of a whole lot of 1000’s of Latino-owned companies all through California. Our membership is comprised of startups, small companies, and entrepreneurs in all elements of the economic system which can be working laborious to create jobs and alternative in communities throughout our nice state.
While celebrating the positive factors we’ve made up to now and the successes we take pleasure in at this time, we additionally look to the longer term. The subsequent 4 a long time will convey even higher alternatives for our members to develop and prosper. Advances in know-how have opened up new markets right here at residence and everywhere in the world for companies in California to compete in and win.
One of probably the most attention-grabbing advances, and one with maybe the best upside and potential, is the evolution of know-how in digital belongings. Things that didn’t even exist a decade or two in the past — like cryptocurrency, NFTs, and decentralized finance — have developed at a tremendous pace and are actually on the core of a brand new business that may convey massive-scale, constructive change to the world.
The Latino neighborhood has been an early adopter of this know-how. Crypto use has taken off in Latin America and grown at a quicker tempo than nearly wherever else on the planet. It has change into an more and more viable approach of sending cash throughout borders to relations — blockchain could be a quicker, cheaper, and extra environment friendly system for remittances than utilizing strategies like wire transfers, which might carry excessive charges and delays.
Crypto additionally provides a approach for these with out financial institution accounts to ship, obtain, and retailer cash with out turning to the varieties of other monetary programs that always fail to have client curiosity or protections in thoughts.
Those are simply among the many actual-world functions that exist at this time. It is much more thrilling to think about the functions that could possibly be out there sooner or later as this business continues to develop. There are potential makes use of for blockchain know-how that may empower companies and shoppers in nearly each conceivable space of the economic system.
It could be some of the revolutionary and impactful developments of our lifetime — however we have now to do issues proper to see the complete advantages. We have to coach our mates, neighbors, and colleagues about the true-world makes use of this know-how has for them of their lives. And we have now to inform our elected officers to work for good, smart insurance policies that acknowledge all the great issues crypto can convey to our neighborhood.
Recognizing that our members do enterprise not simply in California however in states everywhere in the nation — and in markets everywhere in the world — it is very important have sound coverage on the federal degree that units clear requirements and writes the principles of the highway in a development-oriented approach. There are members of California’s delegation to Congress who’ve proven excellent management on this house and supplied assist for actual options that may permit the crypto economic system to thrive.
It can also be essential that California — the house of American innovation and the unquestioned pioneer of our tech economic system — leads the way in which once more. We encourage our state legislators and regulators to assist insurance policies that set up coherent requirements for transparency and accountability whereas on the similar time permitting the “sandboxes” of innovation to succeed.
The potential of digital belongings isn’t simply for those that can afford to speculate or purchase at this time; it provides the potential for a extra accessible and equitable framework for folks in all places to participate within the American Dream.
Our group exists for one purpose: our ardour to develop and defend our Latino-owned companies. Our mission is to assist strengthen them at this time and to put the groundwork for even higher success within the years to come back.
The know-how behind blockchain and crypto is right here to remain, and it may be a recreation-changer for the following era of our enterprise neighborhood. Let’s work collectively to show that potential into actuality.
Ruben Guerra is chairman and CEO of the Latin Business Association in Montebello.