Latin American crypto trading volumes are increasing and boosting crypto adoption because of the banking difficulties in the region as we are about to read in our latest cryptocurrency news.
According to Chainalysis, many Latin American businesses are using crypto to purchase retail goods while citizens are avoiding fiat markets. The ineffective banking sector in Latin American countries is making many crypto businesses to use cryptocurrency. A large number of transactions are that are taking place in these countries are showing businesses purchasing retail goods from Asian exporters and paying in crypto. The Latin American crypto trading volume, therefore, increases as fiat currency values are crashing.
The COVID19 pandemic didn’t actually slow down the number of crypto transactions in Latin America. In fact, the Chainalysis reports show that the total crypto value transferred from this region has increased since March and the biggest portion goes to East Asia.
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Chainalysis published new research showing how unbanked businesses and individuals in Latin America are using crypto as a store of value and the company found that this region has ineffective banking systems that are only driving the crypto adoption.
Most of the remittances in fiat currency to Latin America are from the United States from migrant workers that send money back to their families. However, with crypto transactions, Latin America has strong connections to East Asia as the transaction between the two is worth more than $1 billion. The reports show that many of the payments are from Latin American businesses that purchase goods from Asian exporters that are re-selling at home.
The co-founder of Paraguay-based exchange Cripex, Luis Pomata, said that the cryptocurrencies are making it easier for businesses to avoid expensive wire transfers and the import fees that are levied by regional banks. Individuals as well find it hard to work with traditional banks which is driving more crypto adoption. The manager of the Chilean operations for the Exchange SatoshiTango Sebastian Villanueva said that many individuals in Latin America that have uneven income from work are also going to cryptocurrency because it is easier to use than to apply for a bank account.
Latin Americans are finding cryptocurrency to be a better store of value as the reports show that the amount of P2P crypto trading volume in the region rises while the native currency depreciates.
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