Contracts and transactions are essential and defining structures in our global economic and financial landscape. This is because they protect our assets, preventing any risks and damages. Moreover, they establish identities while verifying them.
Contracts and transactions govern interactions between individuals, communities, companies, and governments. But they have failed to keep up with the digital transformation of this era.
Blockchain technology is the answer to solving this problem. Cryptocurrencies do not have a central authority over them to monitor their movements. This is why they are an ideal source of managing financial and transactional data.
Blockchain forms the building blocks of these cryptocurrencies and uses a secure, decentralized public record of digital transactions. In doing so, Blockchain affects the way the banking firms and financial institutions carry out transactions and financial regulation.
Translation and localization play a major role in the regulation of financial data related to cryptocurrencies. By translating complex and sensitive financial information of cryptocurrencies, their regulation is made easier and smoother.
Although many countries have now adopted cryptocurrency such as Bitcoin, the first country to accept Bitcoin as legal tender was El Salvador.
El Salvador and the Adoption of Bitcoin
The adoption of Bitcoin as legal tender in El Salvador was essentially done to generate jobs and provide financial inclusion to Salvadorians. The cryptocurrency adoption aimed at making remittances easier to send to El Salvador from abroad. Ultimately, this move could be beneficial for the El Salvador economy, financial landscape, trade, tourism, and innovation.
The El Salvador economy relies heavily on money sent from its citizens residing abroad. According to some statistics presented by World Bank, the remittances to the country amounted to $6 billion, which is about a fifth of its GDP—one of the highest ratios in the world.
Although this decision of the El Salvador government was met with severe criticism, the truth remains that cryptocurrencies are the new tools of digital transformation. The question here is; how is the translation and localization of cryptocurrency needed for El Salvador?
We take a look at what crypto localization is and how it is essential for El Salvador. But first, it is important to shed some light on Blockchain technology.
Crypto Localization and the Blockchain Technology
A Blockchain is essentially a digital chain and each link on the chain contains encrypted data. This information on any link is virtually impossible to change without changing the information in other blocks as well.
This makes the information in these links secure and protected. This Blockchain technology supports some of the world’s most popular cryptocurrencies which rely on cryptography, instead of relying on a centralized institution.
Although the idea of creating cryptocurrency has been around since the 1980s, the first cryptocurrency, Bitcoin, was first introduced in 2009. Since then, many blockchain cryptocurrencies have emerged, the most popular of which is Bitcoin.
Localization and translations of these cryptocurrencies are essential as all crypto users have their own language and local needs. Likewise, crypto companies face a challenge when they enter a new market. Here localization and translation can help in making this global transition possible.
The Need for Crypto Localization in El Salvador
1. For Translation of Technical Content
Blockchain currencies require a thorough knowledge of computing and finance. This means that just like the fields of medical, law, and literary translation, the crypto industry, and blockchain have their own area of translation expertise.
This means that crypto companies need to crypto translate by hiring expert localization agencies which have a team of native linguists and specialists. These experts are specialists in translating this complex financial information.
Crypto companies willing to start their crypto business in El Salvador need to find native linguists who can localize their technical content professionally. Moreover, as these companies need to understand the business model of financial institutions in El Salvador, partnership with expert localization agencies is a must.
2. For Localization of User Interface
The user interface of a website or software can make or break it. Perhaps this is why companies invest heavily in making sure their user interface is attractive, informative, and precise. Of course, a translated and localized user interface would be greatly beneficial for a company website.
The users of cryptocurrency wallets, as well as trading platforms, need easy navigation of these platforms. And this easy navigation is only possible if the user interface is localized according to their language and preferences.
The process of UI localization is a tough one. Apart from localizing the text, linguists should work closely with designers and developers. This is to ensure that the user interface is culturally appropriate, clear, and consistent across multiple platforms and devices.
Crypto companies can work with expert linguists who can localize the user interface of their crypto websites and software. This will ensure that the message they are trying to deliver is clear and in the language of the El Salvador population. The better the UI of these crypto websites is designed, the greater are the chances of investment in blockchain cryptocurrencies.
3. For Localization of Payment Methods
Although users do not need to put down money to mine cryptocurrencies, the ones willing to invest in them must make a deposit. This is where the localization of payment methods comes in. Just like any other E-commerce business, this localization applies to crypto payment modes too.
It is a known fact that PayPal and credit cards are the most common methods of payment across the world. However, every region or country has its own credit card and many of them have their own PayPal alternatives. Here, the best practice is to make it easy for customers in these areas to submit money and make transactions. This is why the localization of payment methods is of vital importance.
In El Salvador, the modes of payment must be researched well before cryptocurrencies decide to open their business. By localizing their payment modes according to the El Salvador market, they will ensure that the customers are comfortable investing in cryptocurrencies.
4. For Localization of Legal Requirements
As mentioned above, the move to accept Bitcoin as legal tender in El Salvador was met with criticism from the public who termed it as “political marketing”. Likewise, many other countries have legalized cryptocurrencies, while others have banned their use completely.
However, most of the countries have “partially” accepted cryptocurrency use. This is why crypto companies need to understand the legal requirements and legislative laws in these countries before making a move to invest there.
Crypto companies in El Salvador must have knowledge of the legal requirements of starting a business in the region. In partnering up with translation agencies they must look for two types of translators—crypto specialists and legal experts. As the legal sensitivity of cryptocurrencies is high, the need for localization of legal documents is a must.
Tips for Crypto Localization in El Salvador
The crypto companies and platforms across the world are striving to invest in different countries in a bid to expand operations in more markets. In order to cater to the needs of a wider audience, a strategy that can be adopted is the addition of more languages to the website, or app of the crypto companies. This will make sure the content is understandable for the audience.
Here are some tips on how crypto companies can localize their content to attract more customers.
1. Analyze Your Traffic Volume
It is a known fact that cryptocurrencies are not popular in every country. Your company probably knows where most of the traffic comes from. Understand that these countries are different from your home country. English might not be the native language in these countries. Keep an eye on your biggest markets and adapt your content according to these markets. This is because localizing and translating in their languages is likely to give you more traffic.
2. Localize All the Way
Once you have decided to make your cryptocurrency website, it is time to translate and localize it according to the needs of the global market. Don’t neglect essential details such as formats of numbers, currencies, and payment methods of your target countries. Examine the user interface of your websites to check if it is clear to the target users, in addition to adjusting your layouts, colors, and designs.
3. Hire a Professional Translation Agency
This is the most important tip in the localization process. Although you might be tempted to hire some volunteer translators, understand that the localization of cryptocurrencies and their related content is a tough and complex task. Whether it is a crypto translation to English or any other language, partnering up with a qualified and professional translation agency is a must.
The Last Word
Although cryptocurrencies have faced a lot of controversies and setbacks in the past, it is one of the most advanced and secure digital means of financial transactions in the world today. The El Salvador market is an ideal ground for crypto companies to start their operations as it is one of the countries which has embraced its use. Nevertheless, crypto companies need to hire professional translation agencies (https://www.ccjk.com) to make sure their business fares well in the global market.