💰The rise of cryptocurrencies in Latin America: a response to the economic crisis

💰The rise of cryptocurrencies in Latin America: a response to the economic crisis

For many citizens in Latin America, cryptocurrencies have become an alternative to protect their savings. A study by Fluyez, one of the region’s leading exchanges, revealed that 46% of users use them for savings, 37% for trading, and 16% for sending remittances.

➡️ The countries that most rely on cryptocurrencies for savings are Argentina🇦🇷, with an inflation rate of 209% and Venezuela🇻🇪, where inflation is estimated to be much higher than the 52% officially reported.

➡️ In Brazil 🇧🇷 and Mexico 🇲🇽, while the economic situation isn’t as severe, favorable regulations and government support have driven the growth of cryptocurrency trading.

➡️ Labor migration also plays a key role in the region. P2P crypto remittances are essential for those sending money to their families from neighboring countries, the U.S., or the EU. In El Salvador 🇸🇻, where bitcoin has been legal tender since 2021, these types of transactions have become much easier.

➡️ In many countries (with the possible exception of Chile 🇨🇱), the lack of access to traditional banking services has led cryptocurrencies to become the primary means for participating in the digital economy without relying on intermediaries.

➡️ The most popular platforms for trading in the region are Bitso and Binance, which together account for 68.7% of crypto trading volume.

#news #crypto #Argentina #Brazil #Mexico

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