There has been a consistent and massive rise in cryptocurrency, including its fundamental blockchain technology in Latin America. With a fall in Government regulated currencies, Latin Americans have all turned to virtual money for a safer and more profitable option. The failure to control digital money has covered up the industries due to illegal enterprise’s incidents.
Latin America’s sudden and quick adoption of bitcoin, including different cryptocurrencies, also made headway from innovation initiatives for countering theft, including high-level corruption. It also helps in boosting corporate productivity, as well as the promotion of public policy benefits. The population of the unbanned or financially underserved is not known in Latin America. According to statistics, it was estimated that the number is about 70%, that is, over 400 million people being a vast market with massive opportunities for people who can make the best use of it.
- Top crypto statistics for Latin America
- Regulations of cryptocurrencies in Latin America
- Bitcoin Popularity in Latin America
- The Trading Scene of Cryptocurrencies in Latin America countries
- The first Latin American country to use cryptocurrencies
- The most popular cryptocurrency in Latin America
Top crypto statistics for Latin America
Regulations of cryptocurrencies in Latin America
Many Latin American countries have regulations concerning cryptocurrencies. Some of these regulations are stiff, so much so that they ban this digital money, and some are free, allowing daily use of it. Others, however, place taxes on earnings from the digital money.
- In 2014 the Latin American country of Bolivia banned cryptocurrencies within its borders. The ban ensured that all currencies not regulated by the Government were deemed illegal.
- In July 2014, Ecuador also placed a ban on cryptocurrency and its circulation within its borders.
- Brazil, Venezuela, Argentina, and Chile have approved the use of cryptocurrency. The currency is not acceptable for daily merchant and retail trades.
- Brazil and Argentina both have income tax weighed upon all cryptocurrencies.
Bitcoin Popularity in Latin America
There has been widespread and acceptance of cryptocurrencies and bitcoins in Latin American countries recently. This was as a result of the local currencies that have depreciated. People who live in these countries understand that keeping their money in banks using their local currencies may lose their money. This is why their Investments are majorly cryptocurrencies, having understood better value is associated with cryptos compared to the Government’s currencies.
- According to stats, the region with the most crypto users in the world is Latin American countries.
- The top countries with cryptocurrency users are Brazil, Colombia, Argentina, Mexico, and chile.
- 18% of all of cryptocurrency use in Latin America comes individually from Brazil and Colombia
- 16% of all cryptocurrency use in Latin America comes from Argentina
- 16% of all cryptocurrency use in Latin America comes from Mexico
- 11% of all of cryptocurrency use in Latin America comes from Chile
The Trading Scene of Cryptocurrencies in Latin America countries
One of the significant points responsible for the quick and widespread cryptocurrencies in Latin American countries is its robust trading. With so much going on within Latin American countries, it is only understandable that more flexible and decentralized currencies are thriving within its borders.
- Brazil is the leading country in this aspect of cryptocurrency usage and its robust spending.
- Venezuela is the second leading country in this aspect of cryptocurrency usage and its robust spending.
- Latin America is known to have the highest retail share of crypto activities, stated as transfer not up to $10,000 crypto worth.
- Professional traders make about 80% of monthly volume transfers.
- Latin American countries have sent cryptocurrencies worth $25 billion.
- The Latin American countries have received about $24 billion worth of crypto.
- The amount of crypto sent and received is about 5% and 9%, respectively, of the world’s crypto.
The first Latin American country to use cryptocurrencies
Despite a considerable number of corruption cases, including the instability of the economy that has rocked many countries of the world, there is still a lot to gain from the technology of blockchain by Latin American countries. Not only will they expect more from tech blockchain, but they are also much interested in cryptocurrencies like bitcoin. While some Latin American countries such as Ecuador and Bolivia have placed an initial ban on cryptos, other Latin Americans confirmed they are putting in all effort to recognize and regulate it.
- Mexico was the primary country in Latin America to establish a legal framework for using virtual currencies. The achievement of this was done via fintech.
The most popular cryptocurrency in Latin America
The growing interest of Latin American countries in cryptocurrencies has brought bitcoin payments to Brazil, Argentina, Chile, Colombia, Mexico, and more.
- Bitcoin appears to be the most popular crypto in Latin American countries.
- Bitcoin is also the most popular and first virtual currency to be used for business in Cuba.
In much of the world, cryptocurrency is being accepted. However, Latin America is dominating the world in its use of cryptocurrencies. These are just the basic statistics, and more is yet to be known about how vast cryptocurrencies have taken over Latin America.