Cryptocurrencies have had an exponential adoption in Latin America
Certainly in recent years cryptocurrencies have had an exponential growth, and in Latin America it seems that the adoption of cryptocurrencies has become a very important part of the economy of the region, from mining to its use as a mechanism for sending remittances, in this ecosystem many Latin Americans have found a way to meet their needs.
tudy confirms the high adoption of cryptocurrencies in Latin America. Source: edited image, map and bitcoin logo are public domain images.
And there is no doubt that in this part of the planet cryptocurrencies have represented a way out of the difficult economic situation that many countries are experiencing, and as the issue of adoption of cryptocurrencies is of great interest to various sectors and companies, many studies are conducted to understand this phenomenon, and the most recent study published by MasterCard confirms what many Latin Americans already know, that the great adoption of cryptocurrencies in Latin America is due to the fact that they help to cover the basic needs of the inhabitants of the region.
According to the data in this report, 51% of Latin American consumers have made at least one transaction in cryptocurrencies, and more than a third of them use them regularly as a means of payment, which represents very important data in terms of the level of adoption.
The study was conducted with 35,000 participants surveyed between March and April this year, and also revealed that the surveyed users are optimistic about cryptocurrencies as investment assets.
Among other outstanding data, the study reveals that 69% of Latinos feel more confident now to invest in cryptoassets and that 67% trust more in this system as a means to make and receive payments, and that 86% of respondents say they have already used cryptocurrencies as an alternative payment method to traditional mechanisms, something really outstanding since in comparison, a high percentage of Europeans and Americans prefer conventional payment methods mentions the study.
Another important fact is that 82% of respondents would like their bank to offer services related to cryptocurrencies, and a high percentage would also like more flexible payment solutions than current methods.
Interesting data on the adoption of cryptocurrencies in Latin America. Source: image elaborated in powerpoint with MasterCard data.
And just to mention the country where I live, Venezuela, I can assure you that here people prefer electronic payment methods, it is very common to use bank Apps to make transactions, QR codes and other contactless payment methods, not to mention that a bakery near my house accepts payments through Binance pay. Certainly this has been driven by the economic reality that my country lives, where the official currency has lost value and it is more common to use foreign currencies than the national one, but precisely this has made cryptocurrencies have had a great acceptance.
Undoubtedly these data show that cryptocurrencies are being imposed in this region due to the scarcity of safer forms of investment, and as a payment mechanism that adds to the emerging digital payment methods, as well as a way to send remittances to family and friends, being a way to cope with the economic situation and get out of the traditional methods so closed and restrictive.
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thanks!
Hello @emiliomoron, There is no doubt that Cryptocurrencies came to be the "lifeline" of Latin America just when it is going through an immense crisis on the continent added to the world crisis.
Not only remittances, but also savings in hyperinflationary countries are being made in crypto assets, so the current preference for their use over Fiat currency is reasonable.
Hello friend @tochos2, I completely agree with you, cryptocurrencies became the lifeline of many people in Latin America due to the crisis that affected many countries in the region, hence its great adoption in this territory.