Remittances drive ‘uneven, but swift’ crypto adoption in Latin America
The Latin American region now makes up for a 9.1% share of the global crypto value received in 2022 with remittances and high inflation the highest drivers of adoption. Remittance payments, fiat fears, and profit-chasing have been the three most significant drivers of crypto adoption in Latin America, according to a new report. The seventh-largest crypto market in the world saw the value of cryptocurrencies received by individuals rocket 40% between July 2021 to June 2022, reaching $562 billion, according to an Oct. 20 report from Chainalysis. Part of the surge was attributed to....
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Crypto remittances are growing in Latin America, particularly in the wake of other remittance platforms shutting off access to some markets.
Is Latin America in the eye of the storm that’ll reshape the world? The region certainly benefits from the existence of Bitcoin and other cryptocurrencies. Latin America needs hedges against inflation and a quick and easy way to send remittances. The cheaper the fees, the better. And when you truly need something, you’re bound to […]
Venezuela may have the most crypto volume, but this country bests all of Latin America when it comes to retail crypto transactions. A recent study showed that Latin America represents 7% of the entire global cryptocurrency economy. Out of that segment, Mexico has captured almost 11% of all retail crypto payments since July 2019.El Economista cited research by Daniel Cartolin, a development representative from the blockchain analytics firm Chainalysis, which showed that the region has received $24 million in retail crypto transactions and sent $25 million to other continents over the past....
Crypto education could be key to promoting financial empowerment and increasing mass adoption across Latin America — if we do it right. In October 2021, it was estimated that approximately 15% of the world’s supply of Bitcoin (BTC) was in circulation in Latin America. According to a recent report released by Crypto Literacy, however, 99% of Brazilian and Mexican respondents failed a basic assessment on crypto literacy. Crypto adoption is well underway across the region — on the rise even — but, people still lack a basic understanding of its underlying technology and use cases. When this....
Typical Latin America. The region as a whole is having a love/hate relationship with cryptocurrencies. On the one hand, apparently, crypto remittances in Brazil, Argentina, and Venezuela grew 900% last year. On the other, Mexico and Peru’s Central Banks are actively working in their CBDCs. Which way will the scale tip? The jury’s still out […]