Why cryptocurrency adoption is soaring in Latin America
Latin America is reportedly seeing increasing adoption of blockchain technology and cryptocurrencies, with Statistica reporting the region holds the largest number of cryptocurrency users in the world. Since most of Latin America has been through economic crises over the last few years, such as the inflation of the national currencies in Argentina and Brazil, the risk and volatility of cryptocurrencies don’t deter users from shifting to digital assets.
Also, the barrier for entry to cryptocurrencies in several countries in Latin America is lower than traditional forms of financial management — half of the region’s population does not have access to banking services, while 55% of adults there own a smartphone with Internet access. However, considering the exponential growth of blockchain technology in the region, Latin America could emerge as a global leader of real-world cryptocurrency applications.
