Connect with us


Soaring crypto market in Latin American Nations



Nowadays, let in America is one of the most critical regions of the world where cryptocurrencies are soaring. The cryptocurrency market is spread all across the globe but still, let in America is one among the emerging economies for the spread of digital coins.

The main reason for adopting cryptocurrencies in these nations is Blockchain technology. However, the whole world knows that cryptocurrencies are not regulated, and therefore, it leads to many people using them for criminal purposes.

Also, one of the primary reasons behind the adoption of bitcoin in Latin American nations is an increase in corruption, illicit laundering, and secrecy. Therefore, the spread of bitcoin and other cryptocurrencies in these areas is innovation and the need for combating corruption and theft. Looking for a safe cryptocurrency trading platform to invest in Bitcoin? Then have a look at this website.

Youth embraces it

There is a lot of research conducted by the government and different cryptocurrency driven firms in Latin America. However, the report says that Latin America is one of the most critical growing cryptocurrencies worldwide. Also, let in America is the region with the most significant number of cryptocurrency users from any other country globally. Some significant countries spreading the highest number of bitcoins include Colombia, Brazil, Mexico, Argentina and Chile. These are some of the top cryptocurrency countries globally, and the market leaders are not interested in it. On the other hand, some prominent nations like the United Kingdom, the United States and Australia, and France are no closer to the top. They are lying just above the bottom of the list, and therefore, they do not support the spread of cryptocurrencies.

The reasons?

The reasons behind the increasing spread of cryptocurrencies across Latin American nations are essential because they will tell you why you should go for it. The financial chaos has shaken many Latin American nations in recent years. One of the most important reasons is high unemployment and the following results. The inflation rate in Argentina was increased to 53.8% in 2019. Besides, Brazil was also not saved from the rising commodities prices. In 2015, Brazil recorded the highest inflation rate in the past 13 years, ensuring that the earlier use of the policies is no longer working. Therefore, even the cryptocurrencies are involved in a higher degree of risk and volatility, they proved to be a better option in comparison to the national currencies, which are shaking all the time.

A better option for remittances!

There are many problems when sending money from one country to another, and the systems are corrupted nowadays. Therefore, some people also have to incur huge costs on sending money from one country to another. The number of migrants from Latin America to other countries has increased a lot. It is something that leads to sending remittances to their hometown. Therefore, cryptocurrencies have served as a better option than the financial medium of making transfers. Many people adopt cryptocurrencies like bitcoin and Blockchain technology to transfer money to their hometown to be secure, safe, and anonymous. Many people from Venezuela have also shifted to different countries to get a better lifestyle. Therefore, some Colombian companies offer Blockchain-powered systems to transfer funds to their hometowns. It prevents time and theft of their money with the Official app.

Also, a prominent reason for the spread of cryptocurrencies in Latin American nations is a minor degree of barriers compared to financial management. The fiat currency transfer is complicated in Latin American nations, shifting their preferences from financial fiat currencies to digital currencies.

Also, 50% of the Latin American population does not have banking services, making it even more complicated to transfer. Only 113,000,000 out of 650,000,000 people have credit card. Also, World Bank says that 55% of people above 18 years have a mobile phone and Internet access in Latin America. Moreover, it is just 15% more than the average nation promoting high technology. With Internet access, they can use digital currency for making any transfer. Also, with the help of the Internet, they can check their account details, storing cryptocurrencies very easily within a couple of seconds.

Bernard Bassey is a graduate of Software Engineering from AfriHUB University, Abuja. He is an expert in field journalism, his interest in socio-politics activities is keen.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Discover more from SearchNGR

Subscribe now to keep reading and get access to the full archive.

Continue reading