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The popularity of cryptocurrencies has been growing steadily and massively, particularly its blockchain technology, in Latin America.
(Photo Credit: theblockcrypto.com)
The popularity of cryptocurrencies has been growing steadily and massively, particularly its blockchain technology, in Latin America. The rapid adoption of bitcoin in Latin America, as well as other cryptocurrencies, has been linked to innovative initiatives to reduce theft, which include high-level corruption.
It is also important for boosting corporate productivity and promoting public policy. Based on statistics, it is estimated that there are about 700 million people in this market, which creates massive opportunities for those who know how to take advantage of them.
Over the past few years, cryptocurrencies and bitcoins have become widespread and accepted in Latin American countries, because people in these countries know that holding their money in banks in their local currencies may result in losing their money due to the depreciation and inflation of their currencies.
They have realized that cryptos offer better value than the government's currency, which is why they invest heavily in cryptocurrencies. Although there have been a large number of corruption cases, including the instabilities of the global economy, Latin American countries still have a lot to gain from blockchain technology, and they are not only interested in cryptocurrencies like bitcoin but also expect more from tech blockchains.
Brazil has the highest rate of adoption of cryptocurrencies in Latin America, with more than 25% of respondents intending to purchase them within the next year. According to the survey, 36 million Brazilians plan on purchasing crypto in this year, which represents a 91% increase from just over 13% who have bought crypto or token previously.
Colombia is the second largest crypto country in Latin America, with 22.3% of respondents planning to buy digital currencies or tokens this year, up from 5.2% currently.
Even though Brazil reports the highest adoption rates, other countries in the region are growing at a faster rate. Peru's respondents, for example, said they will buy cryptos in the next 12 months, compared to only 1% who have already done so.
Mexico is another fast-growing market, with an expected 345% increase in adoption.
While in Argentina, the survey revealed there is likely to be a 235% increase in adoption, from 5.5% who had purchased cryptocurrencies to an estimated 18.4%.
While Ecuador and Bolivia banned cryptos initially, other Latin American countries have confirmed they will recognize and regulate them when the time comes.
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