Latin America crypto wave helps offset economic instability
The post Latin America crypto wave helps offset economic instability appeared on BitcoinEthereumNews.com. In the face of economic turbulence, Latin American countries are increasingly turning to cryptocurrency as a perceived lifeline. South American nations are leading the charge in crypto adoption per capita, leaving behind many larger developed economies like the U.S. and the European Union (EU). Regulatory responses to crypto adoption in the region vary, from El Salvador rolling out a regulatory framework to Bolivia, where crypto has been banned. Despite these challenges, Latin America contributed 9.1% of the global crypto value received in 2022, marking a 40% growth between July 2021 and June 2022. Brazil, Argentina, and Mexico lead the charge A recent report by blockchain analysis firm Chainalysis illuminates this grassroots crypto adoption in the region despite its overall ranking as the seventh-largest global crypto economy. Our latest Geography of Cryptocurrency preview is here! This time, we’re looking at crypto adoption and usage trends in Latin America. https://t.co/XNJZ7IrZpS — Chainalysis (@chainalysis) October 11, 2023 Brazil, Argentina, and Mexico have emerged as leaders in this crypto revolution. For instance, Argentina, which is struggling with severe currency devaluation and an inflation rate above 100%, leads Latin America in raw transaction volume, recording $85.4 billion in value received. On the other hand, Mexicans have largely embraced decentralized exchanges (DEXs), accounting for nearly half of the country’s transaction volume. The prevalence of crypto-based remittances, with over $3.3 billion from the U.S. processed via crypto in 2022 alone, is probably encouraging this trend. Crypto firms set up shop in LATAM Surprisingly, the Latin American region uniquely prefers centralized exchanges (CEXs) over DEXs. Among them, Venezuela stands out with a 92.5% preference for CEXs, significantly higher than the global average of 48.1%. This inclination towards CEXs signals a peculiar trend in the region that deviates from the international norm. The crypto wave in Latin America isn’t…
The post Latin America crypto wave helps offset economic instability appeared on BitcoinEthereumNews.com.
In the face of economic turbulence, Latin American countries are increasingly turning to cryptocurrency as a perceived lifeline. South American nations are leading the charge in crypto adoption per capita, leaving behind many larger developed economies like the U.S. and the European Union (EU). Regulatory responses to crypto adoption in the region vary, from El Salvador rolling out a regulatory framework to Bolivia, where crypto has been banned. Despite these challenges, Latin America contributed 9.1% of the global crypto value received in 2022, marking a 40% growth between July 2021 and June 2022. Brazil, Argentina, and Mexico lead the charge A recent report by blockchain analysis firm Chainalysis illuminates this grassroots crypto adoption in the region despite its overall ranking as the seventh-largest global crypto economy. Our latest Geography of Cryptocurrency preview is here! This time, we’re looking at crypto adoption and usage trends in Latin America. https://t.co/XNJZ7IrZpS — Chainalysis (@chainalysis) October 11, 2023 Brazil, Argentina, and Mexico have emerged as leaders in this crypto revolution. For instance, Argentina, which is struggling with severe currency devaluation and an inflation rate above 100%, leads Latin America in raw transaction volume, recording $85.4 billion in value received. On the other hand, Mexicans have largely embraced decentralized exchanges (DEXs), accounting for nearly half of the country’s transaction volume. The prevalence of crypto-based remittances, with over $3.3 billion from the U.S. processed via crypto in 2022 alone, is probably encouraging this trend. Crypto firms set up shop in LATAM Surprisingly, the Latin American region uniquely prefers centralized exchanges (CEXs) over DEXs. Among them, Venezuela stands out with a 92.5% preference for CEXs, significantly higher than the global average of 48.1%. This inclination towards CEXs signals a peculiar trend in the region that deviates from the international norm. The crypto wave in Latin America isn’t…
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